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IMF chooses a new format of cooperation with Azerbaijan

08 October 2009 14:37 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. The International Monetary Fund (IMF) has chosen a new model of cooperation with the Government of Azerbaijan, said Koba Gvenetadze, the IMF Resident Representative in Azerbaijan.

According to him, IMF closes its resident representative office in Baku because there is no projects under way, leaving one office manager and one economist in the country for coordination with the Government of Azerbaijan.

The organization will continue regular mission travels and budget discussions and analyses with Azerbaijan, he added.

"IMF has already used this new strategy of cooperation in some regional counters such as Kazakhstan, Uzbekistan and Turkmenistan. The Government of Azerbaijan has extensive experience in the field of macroeconomic management, and can independently analyze and make decisions. However, IMF will also work closely with Azerbaijan despite the fact that it will have no resident representative here,â€ he noted.

Koba Gvenetadze added that he is taking up office as the IMF resident representative in Kyrgyzstan today.

Since its membership in 1993, Azerbaijan has received over $600 million from IMF. Azerbaijan plans to pay off the remaining liabilities of $40 million to IMF by 2014.