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Azerbaijan: World Bank Extends Credit

Washington, 13 March 2002 (RFE/RL) -- The World Bank has announced it will extend a $60-million loan to Azerbaijan to stimulate growth of the country's economy outside of the oil sector. The bank said in a statement yesterday that the credit follows what it called "significant intensification" of reforms in that country over the last two years.

The International Monetary Fund has in recent weeks judged Azerbaijan's economic performance favorably, stressing that growth potential coupled with low inflation are encouraging.