BAKU, Azerbaijan, February 4. The current state and priorities of Azerbaijan's cooperation with the International Monetary Fund (IMF) were discussed, Trend reports via Azerbaijan's Ministry of Finance.
According to information, on February 4, the Minister of Finance of the Republic of Azerbaijan, Sahil Babayev, met with the Executive Director of the Selection Group of the International Monetary Fund (IMF), which includes Azerbaijan, Patrick Loshevsky, as well as the head of the Fund's mission in Azerbaijan, Anna Bordon, who is visiting our country.
The meeting discussed the current state and prospects of Azerbaijan's cooperation with the IMF, and emphasized the importance of capacity building and strengthening technical assistance mechanisms, taking into account the institutional and structural reforms being carried out in the country. In this context, a broad exchange of views took place on the main directions of fiscal and monetary policy, maintaining macroeconomic and financial stability, and increasing resilience to risks created by global economic processes.
Minister Sahil Babayev, noting the importance of long-term and trust-based cooperation between Azerbaijan and the IMF, stated that Article IV consultations are not only a regular mechanism for dialogue for the government, but also an important platform for macroeconomic assessment. The minister stressed that maintaining macroeconomic and financial stability remains one of the government's top priorities, with fiscal policy being shaped by the principles of sustainability and efficiency. The effective use of public resources, strengthening medium-term budget planning, and increasing resilience to external shocks are the main areas of reform.
Anna Bordon, head of the IMF mission to Azerbaijan, noted that the country's fiscal and monetary policies play an important role in strengthening macroeconomic stability and ensuring long-term development. She also stressed the importance of technical assistance and capacity-building mechanisms of the IMF in supporting institutional reforms, strengthening the resilience of the financial sector, and ensuring the sustainable implementation of economic policies.
Patrick Loshevsky, Executive Director of the Election Group, stated that the IMF had positively assessed the measures taken by Azerbaijan to strengthen macroeconomic stability and deepen structural reforms.
The meeting also touched upon the issue of increasing the IMF's capacity and the existing imbalance in the distribution of technical assistance resources to Azerbaijan. Babayev noted that, given the scale of the institutional and advanced reforms being carried out, it would be advisable to review the distribution of resources across the region in a more balanced manner. At the same time, the issue of the limited representation of Azerbaijani experts in the IMF was raised, and the importance of strengthening the representation of staff in the Fund against the backdrop of Azerbaijan's growing economic potential was noted.
The parties exchanged views on further deepening cooperation between Azerbaijan and the IMF, continuing institutional dialogue, and other issues of mutual interest.
