IMF forecasts active economic development of Azerbaijan

Business Materials 22 December 2005 12:43 (UTC +04:00)

The economy of Azerbaijan will actively develop in the short-term outlook, however, Baku is to carry out a number of important reformations for the growth to be sustainable, the disseminated statement of the International Monetary Fund (IMF) experts, who visited Azerbaijan in late November-early December with the survey mission, says, according to Trend.

The document notes, the IMF experts assessed positively the Azerbaijan government’s plans to support more flexible currency rate, to proceed with the developing the securities market and focus the main efforts on curbing the inflation. In their view, the major economic task of Baku now is just to control the “inflation pressure”. And in more long-term outlook the authorities of Azerbaijan are to take measures against possible development of the so-called “Dutch syndrome”, i.e., emerging the situation under which intensive exploitation of natural resources slows down general development of economy and leads to stagnation of other sectors.

The IMF delegation will make a report on the results of its work in Azerbaijan, which the Fund management will handle in March 2006, ITAR-TASS reports.