Azerbaijan’s economic development discussed with International Monetary Fund

15 February 2021 16:33 (UTC+04:00)

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By Ayya Lmahamad

Azerbaijan’s economic development trends have been discussed during the meeting between Economy Minister Mikayil Jabbarov and representatives of the International Monetary Fund, the ministry reported on February 15.

During the online meeting, the prospects for 2021-2022 and the medium term, economic risks against the background of the coronavirus pandemic and the relevant response from the Azerbaijani government were discussed.

Economy Minister briefed the participants on the pandemic’s impact on the national economy and economic entities, and the relevant support measures taken by the Azerbaijani government. He also noted the country’s economic priorities for the post-pandemic period and the medium term.

Noting that Azerbaijan has entered a new strategic period, Jabbarov stated that the reintegration of liberated lands into the country’s overall economy, the development of the Karabakh region and realization of its economic potential is not only a post-pandemic but also a qualitatively new stage of the post-conflict period.

In turn, the head of the International Monetary Fund mission in Azerbaijan, Natalia Tamirisa, spoke about the results of a virtual mission conducted by IMF specialists in February and presented information about these results to the Economy Minister.

The parties discussed the results of the mission, the real sector of the economy, the forecast of non-oil sector development, steps and initiatives to support economic growth, tax policy in accordance with new challenges, including measures to enhance transparency, etc.

Earlier, Azerbaijan's Economy Minister Mikayil Jabbarov said that elimination of the consequences of COVID-19, restoration of economic activity and business will be the country’s main priorities in 2021. In addition, speaking at the conference on “Tax system I the post-pandemic period” he added that the reintegration of the liberated territories into the economy and realization of the region’s economic potential will be an important factor in accelerating Azerbaijan’s socio-economic development.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad