IMF: Growth in Azerbaijan’s non-oil sector expected to come at around 2.8%

7 July 2019 10:39 (UTC+04:00)

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Growth in Azerbaijan’s non-oil sector is expected to come at around 2.8 percent in 2019-2020, IMF Mission Chief for Azerbaijan Natalia Tamirisa said in an interview with Trend.

"In our view, the recent increases in wages, pensions, and social assistance, and measures to reduce tax and debt burdens will have a positive impact on non-oil growth over the next two years," she said.

She also noted that the acceleration of GDP growth in Azerbaijan in the medium term, as well as the diversification of the economy, require deepening and expansion of structural reforms aimed at increasing the role of the private sector and improving governance and transparency.

The IMF office opened in Baku in 1992. Azerbaijan received IMF loans for the support of economic reforms from 1995 to 2005. Azerbaijan fully repaid the IMF loans.

Since 2005, Azerbaijan sees no need for financial resources of the IMF, so since 2006, the cooperation with the fund is implemented within consultations and technical assistance on key areas of macroeconomic policy.

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