GOVERNMENT OF AZERBAIJAN TO PREPARE LONG-TERM STRATEGIC PROJECT ON OIL REVENUES
The government of Azerbaijan will prepare long-term strategic project for use of oil revenues by the end of 2004, Deputy head of IMF department for Near East and Central Asian John Wakeman Linn reported. Mr. Linn stated that IMF and the government of Azerbaijan have relevant agreement on this issue. He noted that planned use of State Oil Fund’s means and revenues of Azerbaijan State Oil Company received from oil selling, as well as directions and terms of expendable funds will be reflected in this document. The IMF representative believes that Azerbaijan will get considerable income from oil by 2005, but it will bear a temporary character. According to him, unless additional prospecting will be carried out on the oil fields, the reserves may be exhausted by 2004. Therefore, the fund considers it advisable to create efficient strategy.
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