Azerbaijan, Baku, Feb.15 / Trend N. Ismayilova /
The International Monetary Fund (IMF) mission will visit Azerbaijan to hold consultations with the Azerbaijani government on article IV in October 2011, the new head of IMF mission to the country, Deputy Director of Middle East and Central Asia Department, Nadeem Ilahi said at a press conference as a result of the visit to Azerbaijan.
"It is expected that the mission will visit the country in October 2011, and if all goes according to plan, in December, the IMF Executive Board will discuss the results of the mission," Ilahi said.
The consultations with government on the Article IV are held in all member countries of the the IMF once a year.
The major goal is to appraise the government's short-term and medium-term tasks on the development prospects of the country economy. As a result of the visit the mission usually prepares a report, which is submitted for consideration to the IMF Executive Board.
The last consultations on Article IV were held in March 2010 during previous head of the IMF mission on Azerbaijan Nienke Oomes's visit to the country.
Permanent representation of the IMF in Azerbaijan has been functioning since 1993, but the co-operation with the government started in 1992. The Fund started crediting the country in 1995. Up to now, IMF provided credits to Azerbaijan within six programs, but since 2005, the co-operation with the IMF has been continuing at the level of consultations because the government of Azerbaijan refused to obtain credits from the Fund. Azerbaijan will pay off loans previously borrowed from the Fund until 2013.
The Azerbaijani government cooperates with IMF at the level of consultations within article IV for six years. So, prospects of cooperation have not practically discussed during the visits on the basis of program.