The IMF and the world Bank are to discuss the allocation of Baku loan to $4 billion


Moscow. January 28. The international monetary Fund announced that it would be sending this week a mission to Azerbaijan to conduct an analysis of the economic situation in the country, to assess the need for technical assistance and “possible financial needs” of the country.

According to the Financial Times, the international monetary Fund and the world Bank to discuss with Azerbaijan the possibility of providing an emergency package of loans worth about $4 billion According to the newspaper, he could become the first of a series of emergency aid packages to countries affected by the collapse in oil prices.

At the same time, the discussion of the package is still at the initial stage, and the Azerbaijani government may elect option without the help of the IMF, say sources.

Since the end of December 2015 the Azerbaijani manat has declined against the dollar by more than a third, the country introduced measures to limit capital flows, sharply, to 9% of GDP increased the budget deficit. At the same time, Azerbaijan has large foreign exchange reserves and low debt levels.

IMF and world Bank are monitoring the situation in other oil-producing countries, such as Brazil. A deepening crisis in Venezuela has opened the possibility of resuming relations with that country, where representatives of the Fund have not been for over 10 years.