Azerbaijan may get $4 bln loan amid steep drop in oil pricesJanuary 28, 2016 - 15:10 AMT PanARMENIAN.Net - The International Monetary Fund and World Bank are discussing possible financing aid for oil exporter Azerbaijan to help it cope with mounting currency and budget pressures from a steep drop in crude prices, according to Reuters. The government of Azerbaijan plans to ask the International Monetary Fund for $3 billion in financial aid and will request a further $1 billion in World Bank loans, a source familiar with the matter told Reuters on Thursday, January 28. "An IMF team will be in Baku during January 28-February 4 for a fact-finding staff visit at the authorities' request. The team will discuss areas for technical assistance and assess possible financing needs," an IMF spokesman said. The Financial Times reported that IMF and World Bank officials were discussing a possible $4 billion emergency loan package that could be the first of several bailouts for oil-exporting countries spurred by plunging oil prices. IMF and World Bank spokesmen declined to confirm an amount for a possible package. "The World Bank and the IMF are in active dialogue with the Government of Azerbaijan, discussing both immediate and longer-term measures in response to the pressure on the local currency and low oil prices," a World Bank spokesman said in a statement. "The World Bank stands ready to provide necessary assistance to Azerbaijan, including budget support." The Baku visit by IMF staff who will join World Bank officials based there, foreshadows concerns about the finances of much larger oil and commodity-producing countries, including Venezuela, Ecuador and Brazil, which is mired in a deep recession. Oil and gas account for 95 percent of Azeri exports and 75 percent of government revenues. Crude oil's 50 percent price fall over the past six months to about $30 a barrel has dealt a crushing blow to the Caspian Sea republic's economy. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. |