The International Monetary Fund (IMF) recommended that the Azerbaijani Government hold a review of investment projects financed at the expense of the Public Budget, Trend reports.
The Deputy Director of the IMF Department for Near East & Central Asia, Viltaily Kramarenko said that the Government should get serious about future projects.
This does not mean that ongoing projects should be discontinued and financial resources suspended. The new projects can be postponed for the next year. The Government should decide how much it is to spend a year, taking into consideration large oil revenues that are expected in 2007. In this respect and bearing in mind that the oil boom is a temporary situation, the pace of the projects and the expenses involved should be favorable. Kramarenko stated.
The IMF recommended the Government is to give its full support to the macro-economic situation in the country, ensure poverty reduction, and increase of the financial system. Economy should be upgraded and oil revenues should be invested in an efficient way, the head of the mission stated.