IMF provides more funds to Azerbaijan

WASHINGTON, Dec. 23 (UPI) -- The International Monetary Fund Thursday approved lending $19.7 million to Azerbaijan as the country continues to restructure its economy.

The money is the fourth part of a $123.4 million loan which was agreed upon by the IMF in July 2001. With the latest disbursement, Azerbaijan will have accessed $83.9 million of the total available funds. The government will have access to the remaining sum until July 2005.

In releasing the latest installment of the loan, the IMF's deputy managing director Agustin Carstens said that "the government has made further progress in structural reforms albeit with some delays."

"The recently approved long-term oil revenue management strategy is consistent with a sustainable use of oil wealth and the major macroeconomic objectives of the government, including low inflation and sustainable growth of the non-oil sector," Carstens added.