BAKU, Azerbaijan, February 4. Baku hosted a meeting with the delegation of the International Monetary Fund (IMF) headed by Anna Bordon, head of the Fund's mission to Azerbaijan, Minister of Economy Mikayil Jabbarov wrote on X, Trend reports.
The meeting reviewed the key findings of the IMF mission.
It is noted that the parties discussed economic growth, inflation rate, import and export indicators, as well as challenges in the financial sector.
“Special attention was paid to the development of the private sector to diversify the economy, tax reforms, creation of sustainable financial opportunities, promotion of public-private partnerships, increasing transparency, measures to combat climate change, as well as optimization of state-owned enterprises,” the publication reads.
Azerbaijan became a member of the IMF on October 18, 1992, coinciding with the establishment of the IMF office in Baku, the capital of Azerbaijan, that same year. Azerbaijan contributes 0.08 percent of the quotas allocated by the IMF and possesses 0.11 percent of the overall voting power. Following Azerbaijan's accession to the organization, the IMF has executed many projects in Azerbaijan aimed at promoting economic growth and alleviating poverty. From 1995 to 2005, the IMF disbursed $577.3 million to Azerbaijan to assist its economic reform initiatives; Azerbaijan successfully repaid these loans in full. Azerbaijan was featured in a 2017 IMF outlook study for the Middle East, which posits that economic circumstances are progressively enhancing, partly due to a favorable climate developing within the global community. Nonetheless, advancement will be impeded by the necessity for these nations to implement fundamental reforms and reassess their economic policies.
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