Azerbaijani Finance Ministry: IMF allocated funds to support countries over COVID

The allocation of additional funds by the International Monetary Fund (IMF) to member countries of the organization is related to the global crisis due to COVID-19 and a sharp deterioration in the financial situation of many countries, primarily due to the depletion of foreign exchange reserves, the Azerbaijani Finance Ministry told Report.

The total amount to be distributed among the IMF’s member states (190 countries) reaches $650 billion (456 billion SDR), including $275 billion for developing countries in the IMF’s biggest distribution of funds on record.

The IMF Directors’ Board approved the respective decision in early August.

Azerbaijan will receive nearly $530 million in special drawing rights (SDR) from the International Monetary Fund.

Azerbaijan’s quota in IMF makes 391.7 million SDR (nearly $555 million), and the share amounts to 0.08 percent of all funds.