IMF talks on reasons for closing Baku office

BAKU, Azerbaijan, May 19. Our decision to, after nearly [30] years, close the International Monetary Fund’s (IMF) office in Baku reflects the strong performance of Azerbaijan’s economy and its large financial buffers, IMF spokesperson told Trend.

“The IMF does not expect in the foreseeable future any lending arrangement with the country, which is usually the reason for a continued local presence. Nonetheless, the IMF’s close engagement with Azerbaijan will continue, including through regular visits to discuss economic and financial policies and by providing technical assistance when requested,” said IMF.

Azerbaijan joined IMF on September 18, 1992. During the period from 1993 to 2009, the IMF had a representation in Azerbaijan. After that, the financial institution continued its operations in Azerbaijan through a local coordinator. Starting from 2005, cooperation with the IMF has been conducted at the consultation level, as the Azerbaijani government opted not to receive loans from the fund.