IMF welcomes Azerbaijan's decision on increase of prices of oil products

IMF welcomes Azerbaijan's decision on increase of prices of oil products

The International Monetary Fund (IMF) welcomes the adjustment of the domestic prices of oil products in Azerbaijan inline with the world prices, Basil Zavoico, the head of the Baku office of the IMF, told Trend in an exclusive interview. The consumers in Azerbaijan should get accustomed to right use of hydrocarbons in order not to lose them when the reserves. Therefore, it is necessary to increase prices in the definite stage to change the existing system of products in Azerbaijan, which depends on low prices.

Meanwhile, the IMF assures that the first it is necessary to define an impact of prices of oil products on poor layers of population. Zavoico said that the IMF recommended it the Azerbaijani government even in its letter of recommendation addressed in December 2004. The key tasks of the government in 2005 included reconsideration of the impact of rise in 2005 on the rise of prices which occurred in November 2004. as to current of rise of prices of some oil products, the head of IMF office in Baku said that the government had grounds as it was on the eve of application of a mechanism on presentation of targeted social aid.

As to disagreement of the people and enterprises, he regards it as a natural reply to any increase of prices. But most of all it will affect on the source of profits obtained by the exporters of oil products in Georgia, who realized them at high prices.

In respect to the impact of the price rise on the inflation processes Zavoico stated that increase of prices cannot be a source causing real inflation. This is simultaneous process and the government will achieve its goals on maintaining the growth pace of inflation in one-digit level, Zavoico noted. The IMF regards it as possible if the government continues a flexible monetary and fiscal policy.

Iran reveals COVID-19 data for April 15
Iran reveals COVID-19 data for April 15
Iran reveals COVID-19 data for April 14
Iran reveals COVID-19 data for April 14
Death toll from coronavirus pandemic in Iran exceeds 65,000
Death toll from coronavirus pandemic in Iran exceeds 65,000
Loading Bars
Latest
U.S. housing starts increase more than expected in March
Photo capturing reaction to relative's death in Armenian attack on Azerbaijani Ganja named ‘Media Photo of Year’ in Turkey
Nokia expanding its activities in Georgia
SIEMENS AG modernizing thermal power plants in Uzbekistan’s Tashkent
Georgia shares data on dried fruit exports
Uzbekneftegaz JSC implementing modernization of unit at Uzbekistan's Shurtan Headings
Azerbaijan sees increase in inflation rate for Q12021
Turkmenistan leads in aviation oil exports to Georgia
Volume of Azerbaijan's 1Q2021 railway cargo traffic revealed
Russia's Yandex to launch e-grocery delivery in Paris then London
Kansas City revenue falls 3.5% as COVID-19 hits volumes
India To Spend $200 Million In Next 5-7 Years To Promote Hydrogen Use
Georgian Railway plans to issue Eurobonds in June 2021
Turkmenistan sees increase in number of registered business entities
Russian Hevel Energy Group commissions solar plant in Kazakhstan
UK PM Boris Johnson To Finalise "Roadmap 2030" With India: High Commission
India, France sign agreement for cooperation on Gaganyaan mission
Amazon announces $250 million fund for small, medium businesses in India
Sputnik V covid vaccine deliveries to India to begin this month
Anglo Asian Mining lowers gold output in Azerbaijan
International airport being built in Uzbekistan's Samarkand
Iran top OPEC oil producer for March 2021
Total assets of Azerbaijan's Kapital Bank increase
Japan provides loan to Uzbekistan within socio-economic dev't
Iran expects increase in production
Azerbaijan restoring roads in Tartar damaged during Second Karabakh War (PHOTO)
Memorandum of Understanding on co-op between Azerbaijan and OIC in field of statistics approved
COVID-19 affects trade turnover between Switzerland, Azerbaijan - ambassador
President of Afghanistan holds meeting with Nizami Ganjavi International Center (PHOTO)
Volume of natural gas industrial treatment at Turkmenistan’s Galkynysh field revealed
Iran has to take advantage of regional markets - Chamber of Commerce
Russia discloses volume of Sputnik V vaccine to be supplied to Azerbaijan
Azerbaijan shares data on cancelled tender, quotation poll results
Iran, Qatar may connect their power networks
Azerbaijan reveals 2M2021 data on cargo movement via TRACECA
Georgia sees increase in production of nuts and grapes
Meetings held in Azerbaijan with representatives of state bodies to switch to G-Cloud
Azerbaijan Airlines’ Supervisory Board holds first meeting (PHOTO)
China to invest in development of Iranian ports
Production of wheat and potato in Georgia increases
Switzerland sees potential in strengthening co-op with Azerbaijan in energy field
Uzbekistan interested in import of livestock from Kyrgyz Republic
Turkmenistan receives new industrial oil inflow
Uzbekistan discloses processing capacity of sunflower seeds by 2022
Azerbaijan talks reconstruction of several fish farms
VTB Group concludes deal for acquisition of Kazakhstan's KAZ Minerals
SOCAR boosts exports of oil, petrochemical and gas-chemical products
State Tax Service of Azerbaijan talks tax fees for online services
Passenger transportation indicators plummet in Kazakhstan
Azerbaijan's 1Q2021 GDP slightly decreases
Azerbaijani president, first lady view renovation, restoration work in Baku's Pirshaghi settlement (PHOTO)
Azerbaijan’s gas exports see 45% growth
Azerbaijan boosts gas exports via Baku-Tbilisi-Erzurum in 1Q2021
Azerbaijan records surplus in 1Q2021 state budget
Azerbaijan decreases oil exports via BTC
SOCAR increases gas output y-o-y
Uzbekistan to invest in viticulture dev't
Kazakhstan’s national postal service operator to buy consumables via tender
Uzbekistan continues ramping up flour, cereal exports
Mine explosion in Azerbaijan takes life of one more serviceman
Uzbekistan, Russia implementing numerous joint projects
Georgia reports 1,077 new cases of coronavirus for April 16
New Delhi a natural partner in shaping Indo-Pacific region: Australian PM Scott Morrison
Economist Intelligence Unit calculates 13 per cent growth for India, more than IMF prediction
Kazakhstan boosts exports to Russia over 2M2021
French Bouygues carries out construction of two new facilities in Turkmenistan
Azerbaijan's ADIF shares data on compensations paid to depositors of closed banks'
No point in discussing Nagorno-Karabakh problem in previous context - Russian expert
2021 to see over 3% increase in global gas demand
Georgia sees increase in hotel price index for March 2021
Kazakhstan unveils timeframe for large-scale crops sowing
Kazakhstan shares vehicle production data
Prices for precious metals up in Azerbaijan
Turkmenistan signs number of documents with international organizations
EBRD to invest in another project in Azerbaijan
National Bank of Georgia sells funds to stabilize lari exchange rate
Azerbaijan sees growth in retail turnover of ICT products from early 2021
IMF eyeing support to Kazakhstan's cybersecurity and risk management sectors
Iran - P5+1 on right track in Vienna talks - Deputy FM
Italian Senate delegation visits Azerbaijan's liberated Aghdam (PHOTO)
Islamic Solidarity Games-2021 may be postponed - Federation's Executive Committee
Azerbaijan’s pipeline gas deliveries set to increase by over 15%
1Q2021 volume of sold food products in Azerbaijan's trade network up
Denmark speeds up reopening as epidemic stabilises
Azerbaijan IT company monitoring performance of financial structures
Kazakhstan carrying out several projects to boost local cars manufacturing
Turkmen-Chinese partnership has potential in number of areas
European new car sales jump 87% year-on-year in March
Kazakh-German oil extracting JV opens tender for design documentation dev't
Azerbaijani oil prices disclosed
Azerbaijani gas among drivers of Eurasian output growth in Q1 2021
None of Armenian PM's statements worth meaningful comment - Azerbaijani MFA
Axpo plans to produce green hydrogen
Oil climbs to four-week high on strong China data, demand revival
Azerbaijani insurer reports profit growth year-on-year
Kazakhstan's trade structure with EAEU countries for 2M2021 unveiled
Azerbaijani currency rates for Apr.16
Azerbaijan shares footage from Aghdam's Baghbanlar village (VIDEO)
Azerbaijan records high demand for underwriting services in local capital market
Coca-Cola Amatil votes in favour of European bottler's $7.68 bln takeover deal
All news