Ukraine’s crisis not to affect Azerbaijan’s economy
Baku, Azerbaijan, Oct. 28
By Maksim Tsurkov - Trend:
The crisis in Ukraine is unable to influence the development of the economy of Azerbaijan, the head of the IMF mission to Azerbaijan, Adviser of the Middle East and Central Asia Department Raja Al Marzouqi said at a press conference Oct. 27 following this visit to the country.
"The economy of Azerbaijan is more focused on the export of hydrocarbons," he said. "That's why, the crisis in Ukraine can have only an indirect influence on its development. The crisis delays the development of the region. However, the economy of Azerbaijan is able to resist these problems, while the oil price is relatively high."
The sanctions imposed on Russia can have a positive impact on Azerbaijan.
"Russian sanctions allow Azerbaijan to export more agricultural products that will have a positive impact on the economy as a whole," he said.
The relations between Russia and the West deteriorated due to the situation in Ukraine. In late July, the EU and the U.S passed from the targeted sanctions against certain physical entities and companies to the measures against the entire sectors of the Russian economy. In response, Russia limited food imports from the countries that imposed sanctions against it, including the EU for one year. Along with import substitution, it establishes the supply of products from Asia, Africa and Latin America.
An IMF office opened in Baku in 1992. Despite its staff has been reduced since 2009, the IMF remains an important partner of the Azerbaijani government. It should be stressed that the cooperation with the IMF played an important role during the global economic and financial crisis.
edited by CN