Azerbaijan, Baku, May 2 / Trend, A.Akhundov /
Azerbaijan's economy is stable and resistant to the impact of the economic crisis in Europe, deputy director at IMF Middle East and Central Asia Department Nadeem Ilahi said at a press conference in Baku on Wednesday.
"Impact of this crisis on Azerbaijan will not be serious as trade and economic relations with Europe are not too strong," Ilahi said.
He said the IMF does not expect a direct impact of the European crisis to affect the economic situation in Azerbaijan.
"The 2008 crisis indirectly affected Azerbaijan. It had a great impact on the Russian economy and through it on Azerbaijan, on world oil prices and so on. Azerbaijan's economy is ready for an indirect impact and serious consequences are not expected since the Central Bank of Azerbaijan and the State Oil Fund has sufficient reserves and the financial situation in the country is stable. We do not expect a direct impact," Ilahi said.
The IMF mission has been in the country since April 24. Discussions have been underway on the macroeconomic trends in Azerbaijan to assess the short and medium term objectives of the government on the development prospects of the economy. This is necessary for determining priorities of discussions under item IV of the IMF agreement, consultations within which will be held in the autumn.