IMF says new economic model to allow diversifying economy
By Fatma Babayeva
A new economic model, which envisages the development of the private and non-oil sector, will lead to diversification of Azerbaijan’s economy.
The statement was made by head of the IMF mission to Azerbaijan Muhammad al Gorchi during the meeting with Rector of Azerbaijan’s State University of Economics (UNEC) Adalat Muradov.
Discussions on macro-economic situation, as well as the reforms implemented in the field of improving the business and investment climate were made within the meeting
Mohammed al-Gorchi praised the support of private sector by the government in the current situation and said the IMF highly appreciates the steps taken.
He stressed the positive trend related with balance of payment.
Noting that the economic situation in the country is being changed rapidly, Head of the mission evaluated it as a result of the realization economic and political events
Muradov, in turn, pointed that the current challenges in the economy of Azerbaijan, is mainly related with the volatility in oil prices. He said the successful policy realized in Azerbaijan previously provides the opportunity of responding these challenges.
The rector mentioned the expansion of Azerbaijan’s relations with Turkey and Iran and drew to attention the implementation of relevant project via “Silk Road”.
Speaking about the improvement of business and investment climate, Muradov noted that the inspections have stopped in this field to stimulate the entrepreneurship and the number of licenses and permits decreased abruptly. He also highlighted the establishment of Appeal Boards, strengthening supervision of financial markets and the implementation of measures in the field of promotion of investment.
“Azerbaijan is one of the few countries that is rich in oil and have made effective use of income generated from the expense of high oil prices. Azerbaijan has a clear and could be seen as positive political vision on the future economic development. Most importantly, hundreds of young people are studying at the prestigious overseas universities at the expense of oil which is the policy to transformation of oil capital into the human. I am confident this human capital will make significant contribution to Azerbaijan economy,” he said.
---
Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva
Follow us on Twitter @AzerNewsAz