Azerbaijan, IMF start next consultations

20 May 2016 11:25 (UTC+04:00)

Azerbaijan and the International Monetary Fund (IMF) have started the next phase of consultations on the fourth article of the agreement on the IMF's creation.

Azerbaijani Finance Ministry told Trend May 19 that the IMF mission led by Mohamed El Gorchi is in Baku for that purpose.

During a meeting with Azerbaijan's Finance Minister Samir Sharifov the parties discussed the country's macroeconomic and fiscal position, the situation in the banking sector, and exchanged views on the parameters of the state budget, and the Azerbaijani government's steps to neutralize the negative effects of external shocks on the country's economy.

The IMF mission also plans to hold meetings with Azerbaijan's major state economic agencies.

The last visit of the IMF mission to Azerbaijan was in late January-early February 2016.

IMF's office has operated in Baku since 1992.

In 1995-2005, IMF allocated loans worth $577.3 million to Azerbaijan for supporting the country's economic reform program.

Azerbaijan has fully repaid the loans.

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