IMF TO QUIT AZERBAIJAN

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10/06/09

The International Monetary Fund apparently is closing its office
in Azerbaijan, according to Azerbaijani media reports. Baku, which
continues to benefit from windfall energy-export profits, apparently
has little interest these days in working with international lenders
on new projects.

Unidentified members of the IMF office in Baku, cited by the Anspress
news agency on October 6, said that the Fund had recalled its resident
representative and laid off staff. The IMF representatives reportedly
said that, given the lack of ongoing programs in the country, keeping
an office open was not justifiable, Anspress reported.

The IMF website contains no public announcement about such a
decision. The IMF has funneled $600 million in aid to Azerbaijan
since 1993. Baku plans to repay a remaining debt of $40 million to
the IMF by 2014, the APA news agency reported.