IMF increases quota for Azerbaijan

As of November 1 this year, 471.1 million SDR ($658.9 million) are available from the quota allocated by the International Monetary Fund (IMF) to Azerbaijan in the amount of 529 million SDR ($739.9 million), Report informs referring to the quarterly financial report of the IMF (the quarter ended on October 31).

The IMF has not yet received funds in the amount of 57.9 million SDR ($80.98 million) on Azerbaijan’s account.

This year, Azerbaijan’s quota in the IMF was increased from 96 million SDR ($134.3 million) to $471.1 million.

The IMF Board of Governors on August 2 of this year decided to distribute additional Special Drawing Rights (SDR) in the amount of $456.5 billion among the member countries of the Fund.

The Azerbaijani Ministry of Finance told Report that the decision is related to the crisis faced by the countries due to the COVID-19 pandemic, and a sharp deterioration in the financial situation of many of them, primarily due to the depletion of foreign exchange reserves.

Special drawing rights are distributed among the member countries of the Fund in proportion to their quotas in the IMF, that is, their participation shares.

As a result of the latest decision, Azerbaijan’s quota in the IMF (0.082% or 391.7 million SDR) was increased by almost 96% and brought to 767.1 million SDR ($1.073 billion).

The decision of the IMF Board of Governors on the distribution of 456 billion SDR in the equivalent of $650 billion entered into force on August 23 this year, and on the same day, funds in the amount of 375.4 million SDR were transferred to Azerbaijan’s account in the IMF.