IMF LOAN TO AZERBAIJAN SUSPENDED
Support A1+!International Monetary Fund has decided to suspend the loan of 119 million USD pledged to Azerbaijan.
In its statement the Fund pointed out considerable discord between the IMF and Azeri government on a number of issues including procedural matters relating to the Bank System Law adopted recently.
The IMF is waiting proposals from the government that can help to overcome political dissents and speed up reforms.
The IMF staff also expressed concern over slow progress in implementation of accord reached on adoption of long-term strategy to use oil profits and terms for working out a price-correction mechanism and pitting it in practice.
The Fund fears these political problems can have negative impact on future economic growth and poverty reduction.
