IMF to hold consultations on prospects for economic development of Azerbaijan

Business Materials 4 May 2015 15:17 (UTC +04:00)

Baku, Azerbaijan, May 4

By Anvar Mammadov - Trend:

The visit of the International Monetary Fund's (IMF) mission on Azerbaijan to Baku, headed by an advisor of the Middle East and Central Asia Department (MCD) Raja Al Marzouqi, will start June 2.

The misson will focus on the current processes and prospects of development of Azerbaijan's economy, the head of the Baku office of IMF Aggun Gadirli told Trend.

She went on to add that the main purpose of the visit is to update the assessment of the economic development in Azerbaijan and its prospects, as well as hold discussions on macroeconomic policy.

Meetings in the ministries of finance, taxes, economy and industry, etc are planned within the framework of the visit.

The visit of the IMF mission will continue until June 8.

The IMF expects a 0.6 percent GDP growth in Azerbaijan in 2015 and a 2.5 percent growth in 2016, according to a recent report by the World Economic Outlook.

Also, the Monetary Fund forecasts a 7.9 percent inflation in Azerbaijan in 2015 and a 6.2 percent inflation in 2016. The surplus of Azerbaijani payments balance will account for 5.3 percent of GDP in 2015.

Azerbaijan joined the IMF on September 18, 1992. The cooperation between the organization and the country was particularly intense in 1995-2005. During these years, Azerbaijan has often used the advice and financial assistance of the IMF to support the government's economic programs.

The IMF office was opened in Baku in 1992. Despite its staff being reduced since 1999, it remains an important partner of the Azerbaijani government. It should be stressed that cooperation with the IMF played an important role in the global economic and financial crisis.

The IMF has provided long-term loans to Azerbaijan in the amount of $577.3 million in 1995-2005 in order to support the program of economic reforms.

Since 2005, Azerbaijan has had no need to access funds of the fund.

Since 2006, the IMF and Azerbaijan have been cooperating within the framework of consultations and technical assistance missions in key areas of macroeconomic policy.

During 2014, four of the IMF missions visited Azerbaijan and presented their recommendations to the state bodies of the country. These recommendations addressed such areas as public debt management, budget classification, the fight against money laundering and terrorist financing, reforms in the pension system as well as Article IV of the Agreement on the IMF.

Edited by CN


Follow the author on Twitter: @Anvar_Mammadov