[Azerbaijan] WB poverty reduction loan 'no longer necessary'

from Azer News

The Azerbaijani government will not accept the second $20m loan from the World Bank as part of the state program on poverty reduction and economic development, Finance Minister Avaz Alakbarov told journalists on Friday.

Alakbarov said the government was no longer in need of the loan. He said the loans received under this program were being used to cover the state budget deficit, adding that the WB Board of Directors had approved allocating the first portion of the loan to the tune of $20m in June. He said the amount would be received shortly and spent on making up for the budget deficit.

The minister went on to say that state budget revenues were expected to increase in the coming years, which is why there was no need for further World Bank loans. He said agreement to that end had already been reached with the Bank. The initial agreement was for the World Bank to provide three $20m loans to Azerbaijan.