Finance

Finance

IMF makes new recommendations to Azerbaijani government

15 November 2013 14:48 (UTC +04:00)

Raja Almarzoqi said according to forecasts, economic growth in Azerbaijan will be 5% this year and next year, inflation will be below 3% this year, 3% next year.

"Next year's draft budget sends a welcomed signal on the start of the budget consolidation. Reduction planned in the non-oil budget deficit will direct the fiscal position towards the sustainable level and pave the way for the activity of the private sector. The mission advises the official agencies to manage fiscal risks regarding extra-budgetary activity of the state, supports the efforts underway to increase efficiency of public spendings and reforms in the pension system," he said.

Raja Almarzoqi considers that the Central Bank of Azerbaijan should continue measures towards growth of consumer loans.

Raja Almarzoqi said improvement of business environment will facilitate access to new markets, for this to happen the process of WTO admission should be finalized, barriers in competition facilitated and in general management improved. The mission welcomes the adoption of the new law on inspections in entrepreneurship.