By the end of 2009 International Monetary Fund (IMF) will close its office in Azerbaijan, Azerbaijani Turan agency reports. The decision is reasoned by no financial cooperation program with Azerbaijan and necessity to diminish the costs.

The departure process of the sixth Head of Office Koba Gvenetadze has already started. “We can have one or two officers out of six to coordinate further contacts with IMF Head office,” the office manager said.

Meanwhile, current Azerbaijan’s liabilities to IMF total about U.S. $40m that is scheduled to be redeemed by 2014. The fund has allocated over U.S. $363m, including U.S. $248m preferential credits within 17 years.