IMF begins discussion of macroeconomic trends in Azerbaijan
Azerbaijan, Baku, April 26 /Trend I.Khalilova/
A mission of the International Monetary Fund (IMF), headed by deputy director of the department of Middle East and Central Asia (MCD) Nadeem Ilahi is visiting Baku in order to discuss recent macroeconomic developments and prospects in Azerbaijan, the government told Trend on Thursday. The visit will last until May 2.
"The main purpose of the assessment of short and medium term objectives of the government on the development prospects of the economy is usually determination of priorities of discussions under Article IV of the IMF Articles of Agreement, consultations in the framework as held in the autumn," a government spokesperson reported.
It is expected that means on how to receive technical assistance from the IMF, the situation in the banking sector with the implementation of the fiscal, monetary and exchange rate policy as well as being macro prudential will be discussed during the visit.
The Foundation's mission is planning to hold a meeting at the cabinet of ministers, ministries of finance, taxation and economic development, at the State Oil Fund and at one of the commercial banks of the country (PashaBank), etc.
According to a recent [April's] review of the World Economic Outlook (WEO), IMF predicts GDP growth in Azerbaijan at 3.1 per cent in 2012, 1.9 per cent in 2013 and 3.1 per cent in 2017.
According to IMF forecasts, inflation in Azerbaijan will amount to 5.6 per cent this year, 5.6 -per cent in 2013 and 6.5 per cent - in 2017.
Azerbaijan's current account surplus for 2012 is projected at 21.8 per cent of GDP, 16.4 per cent of GDP in 2013 and five per cent in 2017.
The Azerbaijani government is forecasting GDP growth of 5.7 per cent for 2012, 5.1 per cent in 2013. Inflation forecast for this year is six per cent and five per cent in 2013.
Azerbaijan's GDP grew by 0.1 per cent in 2011, 0.5 per cent in the first quarter of 2012. Inflation last year was 7.9 per cent and 3.1 per cent in January-March 2012.