xperts from the International Monetary Fund arrived in the capital Baku on Thursday to find out just how bad the situation has become.
"The team will discuss areas for technical assistance and assess possible financing needs," an IMF spokesperson told CNN.
A senior Azerbaijani official told CNN the government is thinking about an emergency loan of $4 billion to help it cope with the collapse in global crude oil prices.
Still, it may have other options. The country has about $30 billion dollars in its sovereign wealth fund -- money it saved for a rainy day, the official said.
Azerbaijan is one of many oil producers brought down by collapsing prices. The oil sector alone makes up around 37% of Azerbaijan's GDP, and nearly 90% of its exports, World Bank data shows.
It's currency, the manat, has lost 52% against the dollar in the last year.
President Ilham Aliyev spoke about the situation at a CNN panel in Davos last week, calling the low oil prices "psychologically difficult.