Azerbaijan, Baku, Feb. 7 / Trend I. Khalilova /
The International Monetary Fund's mission headed by the new head of IMF Mission in Azerbaijan, Deputy Director of the Middle East and Central Asia Department (MCD) Nadeem Ilahi, has today launched a visit to Baku, the Azerbaijani government said on Monday. Prior to this appointment, Ilahi led the mission fund in Kyrgyzstan.
The mission will hold talks to define priority directions of consultations with the Azerbaijani government, which are scheduled for autumn under Article IV of the IMF agreement. The consultations are held annually.
"In addition to defining priorities under Article IV, during the visit it is planned to discuss the country's macroeconomic situation (current state and prospects), and directions to receive the monetary fund's technical assistance," the government said earlier.
During the visit, which will last till Feb. 15, the mission is expected to hold meetings with the finance and economic development ministries, the Central Bank of Aerbaijan (CBA), the State Securities Committee, the State Oil Company of the Azerbaijan Republic (SOCAR), the State Customs Committee, parliament, and representations of international organizations - WB, EBRD, IFC and Deloitte. Meetings are also planned with donors, NGOs, local banks - International Bank of Azerbaijan, Kapital Bank, Yapi Kredi Bank and American Chamber of Commerce in Azerbaijan (AmCham).
The Azerbaijani government has cooperated with the IMF at the level of consultations within Article IV for 6 years, so, prospects of cooperation have not been practically discussed during the visits on the basis of program.
The fund started crediting the country in 1995. Up to now, IMF provided credit to Azerbaijan within 6 programs, but since 2005, the cooperation with the IMF has been continuing at the level of consultations because the government of Azerbaijan refused to obtain credit from the fund. Azerbaijan will pay off loans previously borrowed from the fund until 2013.
Permanent representation of the IMF in Azerbaijan has been functioning since 1993, but cooperation with the government started in 1992. The IMF decided to withdraw the head of the Azerbaijani representative office and to reduce the staff office in the country in 2009. The Baku office will be managed by the IMF regional office in Central Asia and the Caucasus.