The IMF last month approved a $64 million loan to Azerbaijan under a stabilization program in place since 1995. Under the program, inflation has fallen from 3,600% in 1994 to 4% in 1997, while the 61% decline in gross domestic product recorded during 1991-1995 has given way to growth of 1% in 1996 and 5% in 1997. The Fund forecasts growth of 7% in 1998 and 9.6% in the year 2000 — assuming no war with Armenia and no loss of access to international oil markets.