Is This the Beginning of Oil-Led Defaults?

Baku , the capital of Azerbaijan Photo by Bjorn Grotting

Baku , the capital of Azerbaijan
Photo by Bjorn Grotting

The International Monetary Fund and World Bank are discussing possible financing assistance for Azerbaijan to help it cope with mounting currency pressures and other fallout from a steep drop in oil prices, the institutions confirmed on Wednesday.

“An IMF team will be in Baku during Jan. 28-Feb. 4 for a fact-finding staff visit at the authorities’ request. The team will discuss areas for technical assistance and assess possible financing needs,” an IMF spokesman said.

The Financial Times reported that IMF and World Bank officials were discussing a possible $4 billion emergency loan package that could be the first of several bailouts for oil-exporting countries spurred by plunging oil prices. IMF and World Bank spokesmen declined to confirm the amount.

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Categories: Economic Indicators

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