In his interview to Financial Times Azerbaijan Finance Minister Samir Sharifov again refuted information that the Azerbaijani officials have asked IMF and WB for financial assistance.
He said the country with a very small foreign debt and a sovereign fund of $34 billion never needed such help. Minister added that IMF could allot Azerbaijan credits at the interest rates below market ones. “This is not the matter of assistance to economy, but funding and the possibility of getting cheap financing,” he added.
Minister believes that IMF could allot the country cheaper credits.
“IMF said that reduction of oil prices will positively affect global economy. This has not happened. The stigma of a needy country does not allow many countries ask IMF for help to solve a very small problem before it has turned into a really big problem,” Sharifov said.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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