The International Monetary Fund on Monday approved in principle a 100-million-dollar three-year loan to Azerbaijan to support the government's economic program and efforts to alleviate poverty.
The IMF executive board will make a final decision on the loan after Azerbaijani officials discuss their poverty reduction strategy with the World Bank on Thursday.
IMF First Deputy Managing Director Stanley Fischer noted the strong growth of the Azerbaijani economy but said it stemmed mainly from the oil sector.
"Achieving sustained growth in other sectors is a central policy objective, and critical to an effective attack on poverty, which is widespread," he said. "In this connection, the vigorous continuation of structural reforms, and improved governance, will be essential."
Azerbaijan's gross domestic product grew 11 percent last year.
IMF economists predict the country's economy will grow an yearly average 8.5 percent in the next four years. |
