IMF Mission Arrives in Baku to Review Conformity of Azerbaijan to Article 4

Business Materials 26 February 2008 15:35 (UTC +04:00)

Azerbaijan, Baku, 26 February / corr. Trend I. Khalilova/ The mission of the International Monetary Fund (IMF) headed by Valeriya Fiker arrived in Baku on 26 February to hold consultations with the Azerbaijani government on Article 4 of the IMF Establishment Agreement, the Baku Office of IMF said.

The mission will get down working on 26 February which will continue until 12 March. The macroeconomic results of Azerbaijan for 2007 and its economic policy for 2008 will be discussed during the visit.

The mission will hold meetings in the Ministry of Economic Development, Ministry of Taxes, National Bank of Azerbaijan, State Oil Foundation, State Social Protection Fund, State Statistics Committee, SOCAR, International Bank of Azerbaijan, Microfinance Bank of Azerbaijan, Bank Standard, Kapital Bank and the Association of Azerbaijani Banks as well.

Consultations with the Government on Article 4 are held annually in all IMF member states. The consultations are aimed at assessing the short-term and long-term tasks of the government on the development of the economy. The mission usually develops a report at the end of the visit and brings it up for discussion to the Board of Directors of IMF.

It is already the third year that Azerbaijani government cooperates with IMF on the level of consultations within the framework of Article 4. The technical assistance of IMF in various areas is growing year in and year out.

Azerbaijan joined IMF on 18 September 1992. As of 1 January 2008, the debts of Azerbaijan to the fund totaled to $100.6mln. Azerbaijan will pay back the Fund SDR 55.96mln ($88.9mln) in 2008-12.

Koba Gvenetadzeh, the new head of the IMF Baku office took up his post on 14 February 2008.

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