Azernews.Az

By Aynur Jafarova

Azerbaijan keeps its inflation rate under control, head of the International Monetary Fund (IMF) mission to Azerbaijan Raja Almarzoqi said at a press conference on November 15.

He said that according to the IMF forecasts, inflation in Azerbaijan will be below three percent by end of this year and three percent in 2014.

"We concluded that the economic growth in Azerbaijan is at a normal level. The annual average growth of the economy this and next year is predicted at the level of five percent," Almarzqori said.

The IMF mission has been in Azerbaijan since November 8. During their visit to Azerbaijan the IMF's representatives have held meetings with officials and entrepreneurs of the country. The mission's next visit to Azerbaijan is expected to take place in March 2014.

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

Such issues as the development of industry in the country, the privatization of state-owned banks, ensuring the rational use of oil revenues, solving problems with provision of water and energy and the need for reforms in these systems, as well as reforms in government, and other areas are priorities in the negotiations between Azerbaijan and the IMF.