Shigeo Katsu: World financial crisis will not hit Azerbaijan seriously

Shigeo Katsu: World financial crisis will not hit Azerbaijan seriously
# 24 November 2008 12:55 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. The world financial crisis could reduce budget revenues of Azerbaijan, said Mr. Shigeo Katsu, Vice-President for Europe and Central Asia Region of the World Bank.
According to him, falling prices of oil could have a negative impact on Azerbaijan.
For example, if the price of oil declines 10 dollars per barrel, this means a $3 billion loss a year.
Nevertheless, Shigeo Katsu believes that the global financial crisis will not have a serious impact on Azerbaijan.
With regard to the implementation of joint projects with Azerbaijan, he said there will be no problem because the necessary resources are available.
“100 of 186 World Bank member-countries are borrowers. Due to the financial crisis, lending will be increased up to 100 billion dollars over the next 3 years,” he added.
He added that International Finance Corporation will also increase attention to the private sector of member countries during the crisis.
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