IMF: Azerbaijan's economy will develop in second half of 2016

Baku. 31 May. REPORT.AZ/ The government of Azerbaijan was quick to react to the sharp drop in oil prices and the devaluation of the manat was conducted in two phases.

Report was told by representative of International Monetary Fund (IMF) in Azerbaijan, Mohamed El Gorchi.

"Of course, devaluation has a negative impact on the economy. However, the recent increase in oil prices since the second half of the year will improve economic situation. The balance of payments andcurrent account will normalize", Mohamed El Gorchi said.

Recalling that the economy had entered a new phase, IMF official added that the drop in oil prices has affected the economy as external shock: " We expect Azerbaijan the transit to a new economic model. We hope that the new economic model to support the private sector and economic reforms.We are ready to give advice and recommendations to the government of Azerbaijan about reforms