Along with the economic development and absence of problems with repayment of debts Azerbaijan made a step towards the commercial credits of the international financial institutes. Moreover, the countrys strategy on foreign debts has changed, as today it is taken only for strategically important projects. Upon obtaining considerable funds from the sale of oil Azerbaijan sets up policy on private financing in its territory. The Azerbaijani Finance Minister, Avez Alekperov stated that the public share in the financing of subsequent projects will be increased by 50%.

As to the International Monetary Fund, according to repeated statements by the government it is eager to continue the cooperation with this organization on the consultative base. Refusing from next credit the Azerbaijani government more probably pursued two goals: to reduce the necessity for these funds and to get rid of persistent recommendations.

So, socio-economic growth enabled Azerbaijan to obtain a relative freedom. But could they succeed to achieve equal-right relations with the international financial institutes? In the world economy most depends on how they estimate us and what place Azerbaijan occupied in the ratings. In this case the decisive part is taken by the exact and literate steps by the government in defense of the statehood.

The point is that the self-estimation frequently does not correspond to estimation by foreign organizations. It seriously damages the countrys image.

The first months of 2006 revealed many shortages and disagreement by the government on the estimation of socio-economic state in the country, as well as forecasts for 2006, by the some international institutes.

The Ministry of Finances does not agree with the estimation of the European Bank for Reconstruction and Development (EBRD) on rise in growth pace of inflation to 13% in 2006.

The statement on the estimation was made this week by Anita Tachi, an EBRD expert on Azerbaijan. She said that last year Azerbaijan succeeded to retain inflation in a digit-figure at the expense of the consolidation of manat by the National Bank of Azerbaijan (NBA), as well as retaining the public budget expenses.

The EBRD, WB and IMF cannot say exactly the expected inflation ration in Azerbaijan and the statements by the EBRD are absurd, said the Finance Minister not concealing his annoyance. in 2005 the international financial institutes forecasted the inflation at 15%, while the government succeeded to maintain it at a digit-figure (9.6%).

Owing to expected currency revenues the government intends to take measures in the direction of implementation of the investment policy, execution of budget expenses, development of the state securities market. Only over 2 years the securities market grew 2.7 times. The NBA and the Finance Ministry are considering the capacities for expansion of the market in 2006.

Alekperov predicted outflow of $1.2-1.3m from the country for purchase of equipment and different purposes. So, I have suspicions on EBRDs forecasts on 13%-inflation. We always discuss with the IMF an impact of inflation policy, wages, and oil prices on the inflation, Alekperov underlined. In 2006 it will be possible to maintain growth pace of inflation at 8-9%.

However, while discussion of the 2006 public budget the major remarks by he IMF were linked with rapid growth of public expenses and sharp rise in financial deficit in the non-oil sector. Such a rapid rise in expenses represents macro-economic risk and possible inflation impact.

Asian Development Bank (ADB) displayed more loyal attitude towards Azerbaijans position. On 23 February the ADB set up discussions with the Azerbaijani government on the results of estimation of the public management and private sector in the country, Рў During the discussions the deputy minister for economic development, Mikayil Jabbarov, put his claims on the data used while evaluation of the private sector.

He explained the partiality of the report with the use of outdated statistics data during the estimation of the report, which did not fully cover the countrys economy. The report cannot make Azerbaijan less attractive.

The report indicated the development of the private sector with low indices 0.1%, whereas the real figure was 6-8% and some times 14%, Jabbarov stressed. I think the investment appeal of the country will fall in connection with the publication of the ADB report, as on this criteria Azerbaijan takes a leading position not only I the region, but through out the world, the deputy minister said. The perfect legal system plays a priority role in the development of the private sector and the project will be implemented in this direction with BP soon.

The head of the Baku Office of the ADB, Mathew Westfall, agreed upon the claims, as in 2005 rise in the Gross domestic Product (GDP) made up 26.7%. According to estimations by the ADB, the economic growth comprised 30.2%.

Westfall said that the document was designed by consultants and experts of head office of the ADB in Manila on the base of general standards and data collected by the ADB experts in Azerbaijan. Westfall admits dynamic development of economy and work in this direction will continue. Nevertheless, the Board of Directors will adopt the report and it will be reconsidered every year. At the moment the working group is involve din the improvement of a report on the base of claims by the government. The version coordinated with Azerbaijan will be submitted the bank.

One of the stumbling-blocs was a methodology on monitoring of economies proposed by the WB. According to the statement by Arif Veliyev, the chairman of the State Statistics Committee, WB proposes to check up 2200 economies every quarter, while it would be more expedient to increase the figure to 4,000. Veliyev said that different indices came out from the WB methodology, while for the time being the bank has not given its consent to it change.

Similar researches were carried out in Azerbaijan by UNICEF in 2003. According to them, the death rate was indicated 4 times higher than the SSC official data, at the result of which Azerbaijan, by its human development level lowered from the 85-th place to 101, being behind Georgia and Armenia.

В"We voiced our disagreement with the final results and notified both UNICEF and the Azerbaijan Cabinet of Ministers. In this regard they were forced to indicate the SSC death rate data in the brochure issued, Veliyev noted.

The State Committee on Statistics with the assistance of the American non-governmental organization (NGO) Macro will set in mid-2006 to conducting researches of the demographic social statistics in Azerbaijan.

As to the IMF, it has been rendering technical assistance to the State Statistics Committee since 1993 on the methodic part. The experts of the IMF arrive in the country every quarter to get familiar with the national accountability system and they are mostly interested in the statistics.

Azerbaijan also have problems with ratings, as it still hesitates in the international ratings. The size of OECD rating conditions the access to foreign financing for the country and private sector. Now it is n the lowest level. Azerbaijan has carried out work over the reconsideration of the existing estimation for three years.

According to a recent statement by the Deputy Minister for Economic Development, for the time being Azerbaijan holds rating VI on OECD version. The country claims at increase of its rating as minimum to level IV, and even higher.

First we planned to visit Paris to consider the issue in a meeting of the credit agents of the OECD member-countries, while the discussions were delayed due to structural reform sin the Ministry of Economic Development, Jabbarov noted.

Generally, we are not lucky with the ratings. For instance, approving the ratings in January Fitch, which Azerbaijan has cooperated for many years, announced that further development of economy, in particular, maintenance of rush growth of economy, might lead to improvement of competition capability on increase of ratings, it is necessary to continue conduct of reforms, attraction of private investments and further development of industrial sector not related to oil production. The agency defined the rating of Azerbaijan as Р'Р'/Р' with a stable forecast, which yields the investment rating by 2 points.

According to Alekperov, the estimations by Fitch are too careful and slow. "In 2006 Fitch could increase them," he underlined. Azerbaijan has recently signed proposals and decided to invite another rating agency to Azerbaijan p Moodys. It is dealt with a 1-year contact with the budget of $40,000.

Iranian Energy Exchange announces products to be on sale July 13
Iranian Energy Exchange announces products to be on sale July 13
Iran discloses amount of saved funds on Kish Island power plants
Iran discloses amount of saved funds on Kish Island power plants
Iran sheds light on issue of selling cheaper oil to China
Iran sheds light on issue of selling cheaper oil to China
Loading Bars
10 killed in Saudi-led airstrike in northern Yemen
Azerbaijan Army’s servicemen died in holding off enemy attack
4 soldiers, 4 terrorists killed in clash in NW Pakistan
Defense Ministry: Azerbaijan has no territorial losses
First Vice-President Mehriban Aliyeva holds phone talk with Honored Artist Bahram Baghirzade
Hikmat Hajiyev: Armenian leadership trying to distract attention from domestic problems by staging provocations at front line
5.1-magnitude quake hits Lara-Portuguesa region, Venezuela
New terminal to be built at Iran's Birjand International Airport
Iran discloses volume of wheat purchased in East Azerbaijan Province
National Iranian Copper Industries Company may boost its revenues
Iran begins to transport iron ingots via Rasht railway
Iran reveals volume of cargo loaded via Arak railway
Iranian Energy Exchange announces products to be on sale July 13
Defense Ministry: Two servicemen of Azerbaijan Army killed, five injured in Tovuz fighting
Azerbaijan confirms 520 new COVID-19 cases
Number of restored mines in Iran announced
Iran reveals production of Anguran mine
Iran declares volume of licenses issued for production of cryptocurrencies
Iran discloses amount of saved funds on Kish Island power plants
Turkey reveals volume of cargo transshipment from Kuwait through its ports
Ministry discloses cargo transportation volume from Libya through Turkish ports
Turkey reveals volume of cargo transshipment from Moldova through its ports
Azerbaijan's big enterprise greatly increases production of dairy products
Iran sheds light on issue of selling cheaper oil to China
Iran announces value of foreign investment
MP: Taking Azerbaijanis hostage testifies to Armenia’s crimes against humanity
Number of restored enterprises in Iran announced
Iran reveals its COVID-19 data for July 12
Azerbaijan’s Aztelekom company discloses value of completed tenders
Thailand plans November human testing for potential coronavirus vaccine
Amount of receipts on VAT in Azerbaijani state budget up
Iran reveals value of planned exports from Markazi Province
Iran's Mobarakeh Steel Company’s plants to be put into operation
Azerbaijani Foreign Ministry: Armenia responsible for growing tension in region
Volume of wheat purchased from farmers in Iran's Mazandaran province increases
Iran discloses number of restored industrial enterprises in Golestan Province
Iran reveals volume of wheat, rapeseed purchased in Iran's Qazvin Province
Iran's Lordegan Company starts selling ammonia gas
Iran's Cooperative Dev’t Bank discloses amount of loans issued to Alborz Province
Iran's Tose`e Ta`avon Bank discloses volume of loans issued to Fars Province
Azerbaijani president congratulates president of Montenegro
Iran starts kilka fishing in Caspian Sea
India reports highest single day spike of 22,674 new COVID-19 cases, total nearing 850,000
Contracts to be signed in Iran’s oil and gas sector
Huawei to request UK to delay 5G network removal
Armenia violates ceasefire with Azerbaijan 43 times
Finnish companies eye participation in Kazakhstan's public tenders
Kazakhstan reports almost 1,800 new COVID-19 cases
Turkey registers 21 new coronavirus deaths, 1300 recoveries
UN Security Council extends trans-border aid to Syria on fifth try
Center for Integration of Persons with International Protection starts functioning at IDP Agency
Iranian companies to go to China Inl. Import Expo
Moscow's death toll from confirmed coronavirus cases rises by 27 to 4,143
WHO reports single-day increase in coronavirus cases by over 219,000
Five killed in attack on South African church, hostages freed
Iraq reopens border crossing with Iran
Saudi Arabia registers 2,994 new coronavirus cases, 229,480 in total
Kazakhstani schoolchildren to have access to e-textbooks – Minister
EBRD reveals total investments volume in Turkmenistan
Iraq confirms 2,734 new COVID-19 cases, death toll exceeds 3,000
Bolivian senate president tests positive for COVID-19
Nar and “TƏBİB” launch “Heroes of the Day” contest
Azerbaijan's SOFAZ reveals income from sales of oil, gas produced at ACG block of fields
State Oil Fund unveils volume of revenues from Azerbaijan's Shafag-Asiman block
Georgia launches new online platform to support local tourism sector
Iranian Energy Exchange announces products to be on sale July 12
Iran to continue economic activities by following health protocols - Rouhani
Iran's future revenues from Yaran field announced
New residential complex built in Tbilisi with support from Bank of Georgia
Turkmenistan presents program to fight infectious diseases to WHO experts
Minister: National Iranian Gas Company not to pay fines to Turkmenistan
Provisional agenda of UN General Assembly 31st special session announced
Azerbaijan confirms 531 new COVID-19 cases
Volumes of cargo transshipment through Turkish Istanbul port revealed
Uzbekistan develops water sector to battle global climate change
Iran resumes trade relations with neighboring countries
Turkmenistan to build center for seismic surveys in oil, gas fields
Prices of Azerbaijani oil rebound
Uzbek company starts exporting of yellow watermelons to Russia
Turkmenistan may revise estimated reserves at Galkynysh gas field
Weekly review of Azerbaijani currency market (July 3-10)
European Commission evaluates Georgia's visa liberalization progress
Minister: Iran pays special attention to development of joint oil & gas fields
Uzbekistan to sell assets of Uzkimyosanoat JSC at public auction
Iran reveals data on COVID-19 cases for July 11
Weekly review of Azerbaijan's precious metals market (July 3-10)
Indonesia reports 1,671 new coronavirus cases
Uzbekistan's Uzbekneftegaz to purchase spare parts from local producers
Bill Gates calls for COVID-19 meds to go to people who need them, not 'highest bidder'
Philippines confirms 12 new coronavirus deaths, 1,387 more cases
Compound feed production enterprise opens in Georgia's Kakheti region
AirBaltic postpones Riga-Baku flights till spring 2021
Iran discloses number of licensed enterprises in Qom Province
Iran's economy ministry suggests reducing gov't expenditures
Iran to develop Yaran oil field
Turkmenistan reveales volumes of gas export to China
New poultry farm construction in full swing in Azerbaijan
Turkmenistan continues construction of TAPI gas pipeline
Azerbaijan's SOCAR talks construction of steam turbogenerator at Azerkimya's plant
Russia reports 6,611 new coronavirus infections
All news