IMF, WB Mull $3b Loan to Azerbaijan’s Weakening Oil Economy

IMF, WB Mull $3b Loan to Azerbaijan’s Weakening Oil Economy

The International Monetary Fund and World Bank are considering a $3b loan to Azerbaijan to help the country face weakening currency amid global oil price slump, Pop Herald informed. The news came following an official visit of the financial institutions’ representatives to Baku in January. There were earlier reports published by The Financial Times prior to the meeting, which initially indicated that Baku was to negotiate a loan of as much as $4b.

Meanwhile, the country’s economy, dependent on oil and gas exports by 95%, has seen rising prices for food and other essential goods, which has stirred public protests.

In efforts to boost the economy, Azerbaijan is seeking to expand its energy cooperation with Indonesia, wrote Azer Tac. The two countries have signed a protocol that ensures Azerbaijani’s contribution to the development of Indonesia’s faltering energy market. The Indonesian state oil company, Pertamina, is interested to attract Azerbaijani State Oil Company’s (SOCAR) experience in oil refining and exploration and to purchase its crude oil to help Jakarta compensate for a lack of energy supplies, currently replaced by the alternative and renewable sources.


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