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IMF notes improvements in social protection, labor markets in Azerbaijan

16 December 2017 11:13 (UTC+04:00)
IMF notes improvements in social protection, labor markets in Azerbaijan

By Trend

Notable improvements have been made in social protection and labor markets in Azerbaijan, Chief of the International Monetary Fund’s (IMF) Mission to Azerbaijan Mohammed El Qorchi said following the completion of the visit to the country.

An IMF team led by Mohammed El Qorchi visited Baku from November 30 to December 14 to hold discussions in the context of the 2018 Article IV Consultation.

Qorchi said that the mission welcomes the authorities’ progress in implementing the structural reform agenda.

“Notable improvements have been made in social protection and labor markets, including a new unemployment insurance fund, implementation of pension reform, and a shift from passive to active labor market programs,” he said, adding that follow through and implementation of structural reforms are critical.

The impact of measures will be heavily diluted if they are not fully and vigorously applied, Qorchi explained.

The IMF office was opened in Baku in 1992. In 1995-2005, the Fund allocated loans worth $577.3 million to Azerbaijan. Azerbaijan fully repaid the loans.

There has been no need for Azerbaijan to apply to the IMF for financial resources since 2005. Therefore, since 2006, the IMF and Azerbaijan have cooperated within the framework of consultations and technical assistance missions in main areas of macroeconomic policy.

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