VOL. XLIII

No. 05

31-January-2000

CASPIAN

Azerbaijan Creates State Oil Fund

Azerbaijani President Haydar Aliyev issued a decree on 29 December creating a state oil fund, one of six conditions set by the International Monetary Fund (IMF) for Baku to receive the final tranche of $23mn that forms part of a $57mn structural adjustment loan. Revenues from the countrys future oil and gas sales will be deposited in the fund, which will provide money for social and infrastructural projects. The IMF and...