IMF in rescue talks with Azerbaijan after oil-led currency crash

Monitoring developments in other oil-exporting nations

The International Monetary Fund and the World Bank are set to create a $4bn emergency loan package for Azerbaijan after tumbling oil prices caused a collapse in in the country's currency.

Officials are reportedly heading to Baku in Azerbaijan, which depends on oil and gas for 95% of its exports, as the region's currency, the manat, fell 35% since late December when the central bank abandoned a dollar peg, according to the FT. The currency fallout has caused a series of protests across the country and last week the government resorted to capital controls in response to the collapse in oil prices, imposing a 20% tax on exporting foreign currencies. Oil and other commodities have seen their prices falling significantly over the past year, with oil slipping below $30 a bar...