IMF Approves US$100 Million PRGF Loan to Azerbaijan Republic

The Executive Board of the International Monetary Fund (IMF) has given its final approval of the three-year loan of SDR 80.5 million (about US$100 million) under the Poverty Reduction and Growth Facility (PRGF) for the Azerbaijan Republic to support the government's economic program. This final approval will make the first disbursement of SDR 8.1 million (about US$10 million) available immediately.

The approval by the IMF Executive Board was contingent on a decision by the World Bank Executive Board on July 5 (see Press Release No. 01/33), which concluded that the
Interim Poverty Reduction Strategy Paper (I-PRSP) submitted by Azerbaijan provides a sound basis for development of a fully participatory PRSP and for World Bank concessional financial assistance.