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The World Bank
Office in Azerbaijan |
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PRESS STATEMENT OF THE WORLD BANK OFFICE IN AZERBAIJAN
BAKU, 28 March 2000 There has recently been a misleading coverage by the media
of World Bank activities in Azerbaijan. A reference was made to a delay of the first
tranche of a $ 60 million World Bank credit. At present, the World Bank does not have an
ongoing adjustment credit. There is no tranche awaiting release, consequently there is no
delay in tranche release to speak of.
The Structural Adjustment Credit I (SAC I) was fully disbursed in early 1999. Since
that time, World Bank teams have been working with the Government of Azerbaijan on the
preparation of a second adjustment credit in support of a comprehensive Public Sector
Reform Program. According to the original schedule, the credit was scheduled to be
submitted to the World Banks Board of Directors in December 1999 for approval. The
progress in the preparation of the reform program and reaching understandings on a number
of reform measures has been slower than originally planned. Therefore, the World Bank has
not been able to proceed with the approval of the credit. World Bank teams continue
working with the Government of Azerbaijan to complete the preparation of the reform
program and the second structural adjustment credit.
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