Azerbaijan, Baku, Nov. 1 /Trend, N.Ismayilova/
International Monetary Fund (IMF) supports Azerbaijan's transition from the annual budget planning to midterm, the head of IMF mission in the country, deputy director of the Middle East and Central Asia Department Nadeem Ilahi said at a press conference in Baku today.
From October 20 to November 2 in Baku is an IMF mission to meet with the Azerbaijani government consultations under Article IV of the Articles of Agreement "On creation of the IMF." Consultations are held annually on a regular basis.
"The Government of Azerbaijan at the current meetings with the mission confirmed its intentions in this regard. We welcome this decision and the period of forecasting the budget parameters - for three or five years, must be chosen by the government," said Ilahi.
IMF mission head said that the massive budget expansion provided in the draft budget for 2012 could lead to overheating the economy and inflation, since it is expected that the volume of production in non-oil sector will reach its potential level by the end of 2011.