IMF: Azerbaijan’s economy is able to confront the world financial crisis

IMF: Azerbaijan’s economy is able to confront the world financial crisis
# 17 December 2008 16:13 (UTC +04:00)
IMF representative for Azerbaijan Koba Gvenitadze said the current state of the economy, the prospects for economic development, economic changes observed in 2008, and expected macroeconomic performance for 2009 and state budget were disused with the Government during the visit.
According to him, the IMF assessment mission reviewed the 2009 budget and explored the possible impact of global financial crisis on the country during the 7-day visit.
Valeria Fichera, head of an IMF mission visiting Baku said Azerbaijan’s economic development in 2008 and the impact of global financial crisis on the economy were analyzed at the meetings.
She quoted IMF experts as saying economic situation in Azerbaijan is relatively positive at present.
“Despite high inflation in 2008, inflation rate has recently started to slow down. Inflation is expected not to be high next year,” she added.
She pointed out that the visiting mission found the banking sector of Azerbaijan as quite sustainable.
Praising the current monetary policy of the National Bank of Azerbaijan, she said the Central Bank will continue to take the necessary steps.
According to her, the mission recommended the central bank to follow the trends on the world market.
“Azerbaijan is well- positioned to confront the global financial crisis,” she underlined.
At the same time, she stressed that economic growth will not be high in Azerbaijan next year.
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THE OPERATION IS BEING PERFORMED