Baku, Azerbaijan, March 2
By Anvar Mammadov – Trend:
The International Monetary Fund (IMF) is ready to support the government of Azerbaijan in holding reforms in the country, Chief of the IMF Mission in Azerbaijan Mohammed El Qorchi, who is on a visit in Baku, said in an interview with Trend.
El Qorchi noted that the Azerbaijani government hasn’t appealed to the IMF for the support, but if it happens, the Fund is ready to provide necessary assistance.
The IMF is ready to support countries, which are the members of the Fund, he added.
Chief of the IMF mission said that currently, the IMF only provides the necessary technical assistance.
“Currently, we provide only technical assistance in various spheres, as well as conduct the supervisory policy,” noted El Qorchi adding that these two instruments are the main directions of IMF’s activity, and the same work is being carried out with regard to all IMF member countries.
It should be recalled that in 1995-2005, the IMF allocated loans worth $577.3 million in order to support economic reforms in Azerbaijan. Currently, these loans are completely repaid. Starting from 2005, there has been no need in Azerbaijan for IMF funds, therefore, since 2006 the IMF and Azerbaijan have been cooperating within the framework of consultations and technical assistance missions on key areas of macroeconomic policy.
The International Monetary Fund opened its office in Baku in 1992. The IMF mission’s visit to Azerbaijan will last until the end of this week.
The mission has already had meetings in Azerbaijan’s Economy Ministry, Finance Ministry, Central Bank (CBA), State Oil Fund (SOFAZ) and Financial Market Supervisory Authority (FIMSA).
The IMF mission is also expected to have meetings in Azerbaijan’s Ministry of Taxes, Ministry of Labor and Social Protection of Population, State Oil Company (SOCAR), State Statistics Committee, as well as with leading commercial banks of the country.
The previous IMF mission led by Mohammed El Qorchi visited Azerbaijan in May-June 2016. During the visit, the sides discussed economic processes in Azerbaijan and reforms being conducted in the country.