IMF: Azerbaijan has substantial financial buffers

Baku. 9 January. REPORT.AZ/ “Azerbaijan has substantial buffers that enable them to meet current financing needs”. 

The International Monetary Fund (IMF) said responding a query of Report.

IMF officials say they are ready to provide assistance for economic reforms carried out in the country: “To date, the authorities have not approached the IMF for a lending facility. Conditions for an IMF program vary depending on the macroeconomic situation of a country and the specific facility. Meanwhile, the IMF stands ready to assist the authorities in all technical aspects, ranging from developing fiscal rules, strengthening the monetary framework, to supporting banking supervision”.

“IMF engagement with Azerbaijan is mainly through standard annual surveillance activities in the context of Article IV Consultation. The last Article IV consultation was concluded by the IMF Executive Board on September 9, 2016. An FSAP took place in mid-March 2015 following the first devaluation of the currency. Technical assistance and training activities also support the authorities’ reform efforts in several areas with macroeconomic relevance, including budget and debt management, pension reform, and macro statistics”.