Azernews.Az

By Aynur Jafarova

The International Monetary Fund (IMF) forecasts Azerbaijan's inflation to be at the level of 3.5 percent in 2014 and 4 percent in 2015.

This was noted in IMF's World Economic Outlook report on the prospects for development of world economy, published on April 9.

In 2013, the inflation rate in Azerbaijan stood at 2.4 percent.

The inflation in Azerbaijan is expected to be at the level of 4.25 percent in 2016, and 4.95 percent in 2017, 2018 and 2019, IMF noted.

The current account surplus of the balance of payments' transactions will decrease from 14.49 billion manat in 2013 (GDP ratio - 19.7 percent) and will amount to $11.914 (15 percent) in the country, according to IMF forecasts. The current account surplus of the balance of payments will decrease to $8.7 billion (9.93 percent) in 2015, $5.32 billion (5.53 percent) in 2016, $ 5.71 billion (5.5 percent) in 2017, $5.58 billion (4.98 percent) in 2018, $5.66 billion (4.63 percent) in 2019, IMF said.

The European Bank for Reconstruction and Development (EBRD) predicts Azerbaijan's inflation at a level of 3.8 percent in 2014, which is one of the lowest indicators among the countries of the Commonwealth of Independent States (CIS).

IMF also forecasts Azerbaijan's GDP to grow by 5 percent in 2014 and by 4.6 percent in 2015.

The real GDP growth in Azerbaijan amounted to 5.8 percent in 2013. The country's GDP in 2013 increased up to 57 billion manats.

Azerbaijan has cooperated with the IMF since September 18, 1992. IMF loans were allocated to Azerbaijan within six programs, but cooperation with the IMF has been at the level of consultation since 2005, as the Azerbaijani government has refused to receive loans from the fund.

The IMF office opened in Baku in 1992. Although its staff has been reduced since 2009, it has remained an important partner for the Azerbaijani government. It is noteworthy that cooperation between Azerbaijan and the IMF played an important role during the global economic and financial crisis.