Central Bank, IMF mull macroeconomic, financial stability

23 April 2021 15:52 (UTC+04:00)

By Ayya Lmahamad

Central Bank of Azerbaijan (CBA) and the International Monetary Fund (IMF) have discussed macroeconomic and financial stability, forecasts for 2021 and the medium run, priorities of the monetary and financial stability policies during and after the COVID-19 pandemic in a video conference held as part of IMF’s virtual mission, the bank’s press service has reported.

The conference will be held that from April 19 to May 7.

During the video conference, the sides noted that price stability, financial stability and balance in the foreign exchange market were safeguarded amid pandemic triggered external and internal threats.

Moreover, the monetary and prudential policies implemented during the pandemic contributed to economic activity within the framework of macroeconomic and financial stability goals. Thus, over the past period, the monetary policy was eased both in terms of quantity and value aided by a number of macro-prudential relief.

Furthermore, it was stated that the Azerbaijani president had launched a new generation of reforms and identified national priorities for the next 10 years.

IMF’s mission in Azerbaijan Head Natalia Tamirisa praised the work done n macroeconomic and financial stability and reforms. She noted that the organization is ready to continue to provide technical assistance to Azerbaijan and participate in relevant consultations.

She stressed that the drafting of a new economic development strategy is a very important step. Tamirisa added that the strategy, to be developed on the basis of national priorities, will make an important contribution to economic development.

The parties exchanged views on the tasks and forecasts of the monetary policy and financial stability policy for the rest of 2021. In addition, the sides stressed the need to continue discussions and exchange views on the issues mentioned during the mission's activities.

Earlier, IMF in its World Economic Outlook report for April forecasted Azerbaijan’s economy to grow at 2.3 percent in 2021. Meanwhile, the national economy is forecasted to grow at 1.7 percent in 2022.

Azerbaijan joined the International Monetary Fund (IMF) on September 18, 1992. Since Azerbaijan's induction into the organization, the IMF has implemented several programs in Azerbaijan that foster economic growth.

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

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