IMF: Azerbaijan should cleanup banking system in a short time

Baku. 16 September. REPORT.AZ/ Shifting to a new economic model, one based more on non-oil private sector growth, will require implementing a broad-based structural reform agenda. Report informs, IMF Mission Chief for Azerbaijan, Mohammed El Qorchi said in an interview with IMF News. 

"The country needs to step up structural reforms and find ways to diversify its economy from oil to reap faster growth. Shifting to a new economic model, one based more on non-oil private sector growth, will require implementing a broad-based structural reform agenda. This would range from measures as diverse as boosting competition among firms, making it easier to start a business, to rules on hiring and firing and investing in human capital and education. Perhaps the most pressing need right now, however, is a rapid and well-organized cleanup of the banking system in Azerbaijan so that credit to the real economy flows efficiently", he said.