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Azerbaijan, IMF explore steps to support economic growth

Azerbaijan, IMF

Azerbaijan’s Minister of Economy Mikayil Jabbarov has met with the International Monetary Fund`s (IMF) virtual mission to discuss steps to support economic growth in the country.

According to the ministry, the meeting hosted discussions on recent development trends in Azerbaijani economy, prospects for 2021-2022 and the medium term growth, economic risks against the background of the COVID-19 pandemic and measures taken by the Azerbaijan government to address the impact of the pandemic.

Minister Mikayil Jabbarov informed the IMF mission of the impact of the pandemic on the national economy and business entities, as well as the relevant support measures taken by the Azerbaijani government. He highlighted the country’s economic priorities for the post-pandemic period and the medium-term. The minister noted that “Azerbaijan 2030: National Priorities for Socio-Economic Development” had been approved by the decree of President Ilham Aliyev, adding that the Azerbaijani government will carry out its activity towards the directions identified by this document.

Noting that Azerbaijan has stepped into a new strategic period, Jabbarov said that the reintegration of the liberated territories into the country’s overall economy, the development of the Karabakh region and the realization of its economic potential is a qualitatively new stage both in the post-pandemic and post-conflict period.

Head of the IMF mission to Azerbaijan Natalia Tamirisa highlighted the results of the virtual mission conducted by the IMF specialists in February and presented the results to the Minister of Economy.

The sides discussed the results of the mission, the real sector of the economy, forecasts for the development of the non-oil sector, steps and initiatives to support economic growth, tax policy issues, including measures to improve transparency and etc.

About Fidan Abdullayeva