Baku, Azerbaijan, April 30
By Anvar Mammadov - Trend:
In 2017, Azerbaijan's obligations to the International Monetary Fund (IMF) reached almost 373.3 million manats, which is almost 1.8 percent more than at the end of 2016, a report of the Azerbaijani Central Bank says.
In 2009, the IMF began a general distribution of resources between member countries of the organization. Those resources, which were disbursed to the members of the Fund without certain conditions, were necessary to replenish the foreign exchange reserves of countries in order to ensure the liquidity of the global economic system. The total amount of such resources allocated to Azerbaijan by end 2017 amounted to 288.1 million manats, which is 1.8 percent more than in 2016.
In addition, the Fourth Amendment, which allows special one-time allocations, entered into force in 2009. The sum of such allocations for Azerbaijan by end 2017 reached 82.84 million manats, which is 1.8 percent more than the year before. The funds are necessary for carrying out various operations with the IMF.
The funds in Azerbaijan's two current accounts with the IMF at the end of 2017 reached almost 2.37 million manats, which is 9.2 percent more than in 2016. Azerbaijan's current accounts in the IMF are required for paying the commission on the concluded transactions and to pay for economic expenses in the countries of the Fund's presence.
In 2017, Azerbaijan's current account deposits in the IMF increased by 1.8 percent to 370.83 million manats. These funds can be used for settlements with the IMF and borrowing.
The IMF office was opened in Baku in 1992. In 1995-2005, the IMF granted Azerbaijan loans amounting to $577.3 million in order to support the program of economic reforms. Azerbaijan has fully repaid the Fund's loans.
Azerbaijan has not had the need to apply for IMF funds since 2005, and since 2006 the IMF and Azerbaijan have been cooperating in the framework of consultations and technical assistance missions in the main areas of macroeconomic policy.
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