IMF publicizes final recommendations regarding Azerbaijan’s economy

IMF publicizes final recommendations regarding Azerbaijan’s economy
# 12 March 2013 09:27 (UTC +04:00)

He noted that the IMF recommends Azerbaijan to diversify the economy through oil revenues: ‘According to our estimates, the growth of non-oil GDP in 2013 will make 9%, which will mainly occur due to government spending. The decline in the oil sector this year is projected at 1.9%. The inflation rate for the year will rise to 7%, but the average annual inflation is projected at 3.4%.’

IMF head also said that oil extraction will be increased in the next 15-20 years in Azerbaijan and during this period it is necessary to raise diversification of economy and the business environment to a high level, ensure the improvement of the non-oil investment environment, as non-oil exports will be the basis of sustainable development.

According to Almarzogi, monetary policy should be tightened in Azerbaijan, in particular due to the growth in market demand.

IMF supports policies to improve the capitalization of commercial banks in the country: ‘International Bank of Azerbaijan should be privatized in order to reduce the risks.’

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THE OPERATION IS BEING PERFORMED