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. Last Updated: 07/27/2016

Azerbaijan Gets Nod From IMF

BAKU, Azerbaijan -- Praising Azerbaijan's recent economic progress, IMF managing director Michel Camdessus indicated Tuesday that the country will be granted new loans to support privatization and accelerate reform.

Camdessus said the two sides had agreed on the terms of a planned three-year economic program, although he did not state flatly at a news conference that the loans had been given final approval.

President Heidar Aliyev, appearing at the same news conference, said Camdessus had promised him the loans would be extended.

Neither official stated the amount.

Itar-Tass reported that $80 million would be granted this month to privatize Azerbaijan's 8,000 small businesses. It said another $260 million to $350 million would be granted once Azerbaijan makes formal its new restructuring program, expected within the next three months.

The International Monetary Fund previously loaned Azerbaijan $132 million.