IMF TO CONSIDER ALLOCATION OF ANOTHER $18 MILLION CREDIT SHORTLY
Board of Directors of the International Monetary Fund (IMF) will consider the issue on allocation to Azerbaijan another credit at amount $18 million to finance the program for poverty reduction and promotion to economic growth, head of the IMF mission on Azerbaijan, deputy head of the Second European Department John Weakman- Linn.At his words, in the course of the visit, members of the delegation have discussed with the Azerbaijan Government issues of formation of the budget of country for 2004, situation in the Banking sector and funding energy sector.On conclusion of the negotiations, government of Azerbaijan agreed on the item that the income tax in the country would be reduced up to 14 percent, while the income would make up not more than 24 percent, stated John Weakman- Linn.According to IMF representative, differentiation of taxes for incomes on the regions of Azerbaijan, applied in 2003, did not justify it, and the government of the country agreed for its elimination. IMF recommended that in the law on banks, was determined to grant independence to the National Bank of Azerbaijan and strengthen its powers for realization of control on other banks.At the words of Mr. John Weakmann-Linn, the IMF current mission did not discuss issues of rising of internal prices for oil products. Such rising, on which the Fund insisted earlier, without undertaking appropriate measures on social security of population, is not justified.
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