IMF, World Bank, ADB and EBRD head to Baku to discuss Azeri economic crisis

Azeri economic crisis: Representatives of the IMF and World Bank were due to arrive in Azerbaijan today to discuss a possible emergency loan package of $4bn to shore up the country’s economy that has been battered by a combination of  a currency collapse and a fall in oil prices.  
The delegation, which is due to remain in Baku for a week,  will discuss “technical assistance” and “evaluation of possible financial needs” and will be joined by representatives of other financial institutions – including the European Bank for Reconstruction and Development and the Asian Development Bank –  who also will arrive in Baku in the next few days.
The manat was likely to depreciate by a further 10-12% this year, the country’s Finance Minister Samir Sharifov predicated earlier this week, with the state budget expected to rise to AZR1.5bn ($900m). His calculations assumed oil at $25 a barrel.

Source: Rosbalt