IMF permanent mission in Azerbaijan transformed into office

Staff of the mission including 8 employees will be reduced to 2 people, Gvenetadze said on Oct. 8.

"IMF permanent mission in Azerbaijan will be transformed into an office. The Fund considers unnecessary to have permanent mission in countries having no loan lines," Gvenetadze said.

He said that IMF uses this approach in such CIS countries as Kazakhstan, Turkmenistan and Uzbekistan.

Before, an office operated in Georgia. After launching military actions in Georgia, it was transformed in a permanent representation.

"Only an economist and a manager will work in IMF office in Azerbaijan," Gvenetadze said.

He said that IMF will further show interest in economic situation in Azerbaijan.

The decision was announced during head of IMF's Central Asia and Middle East department David Owen's visit to Baku in summer.

He held meetings with Azerbaijani prime minister, minister of finance and head of the Central Bank.

Current head of IMF's representation to Azerbaijan Koba Gvenetadze took office in Azerbaijan in Jan. 14, 2009.

IMF's permanent mission to Azerbaijan has been operating since 1993 but cooperation with the government was launched in 1992.

The international organization launched lending to the country since 1995. Thus far, IMF has allocated loans as part of six programs to Azerbaijan.

Presently, the fund has no conditions for Azerbaijan to resume borrowings despite global financial crisis.

The Central Bank does not rule out continuation of technical aid programs by IMF in future though their volume has been recently reduced. The fund intends to hold annual assessment of medium-term and long-term prospects upon IV article of the agreement 'Establishment of IMF' due to continuation of technical cooperation.  

Azerbaijan will continue paying off the loans borrowed earlier from the fund by 2013.

IMF payments will reach SDR 10.29 million, including SDR 10.05 million on major debt and SDR 0.24 million on interest in 2009.

Payments will reach SDR 9.83 million in 2010 (including SDR 9.66 million and SDR 0.18 million accordingly), in 2011 - SDR 11.06 million (SDR 10.94 million and SDR 0.12 million), in 2012 - SDR 8.6 million (SDR 8.53 million and SDR 0.07 million), and 2013 - SDR 6.47 million (SDR 6.44 million and SDR 0.03 million).

Finance minister Samir Sharifov is the IMF manager from Azerbaijan. 

/Trend Capital/