Azerbaijan recently decided to increase its quota in the International Monetary Fund, a move that was adopted at a meeting of the IMF voting group and the World Bank in Baku.

Elman Rustamov, the head of the Central Bank of Azerbaijan, said the decision reflects the country's rapid economic development and noted that nominal GDP per capital has doubled every five years since 1995, AzerNews reports.

"The country now ranks 65th in the world by economy's volume, compared to 1995, when it ranked 124th," Rustamov said, according to AzerNews.

Rustamov said the poverty level in Azerbaijan is three time lower than the global level and that the country ranks 39th on the index of global competition.

Every country that joins the IMF is assigned an initial quota comparable to the quotas assigned to existing members with similar economic size and characteristics, AzerNews reports.

The quota then determines the maximum amount of financing the country must provide to the IMF as well as its voting power in IMF decisions.

Any changes in quotas, which the IMF's Board of Governors reviews every five years, must be approved by an 85 percent majority of the total voting power. A member's quota cannot be changed without its consent, according to AzerNews.

Azerbaijan joined the IMF in 1992 and its quote amounts to roughly $248 million.