The visit of the IMF delegation in Azerbaijan has finished. It studied the macroeconomic and financial situation in the country, government policies and the need to address the negative effects of the economic and financial crisis.
The delegation led by the IMF mission to Azerbaijan Mohammed Al Gorchi for this purpose met with members of the government, finalizing it with a meeting with the Minister of Finance Samir Sharifov in the administrative building of the Ministry on March 3.
IMF representatives were informed about the arrangements for fiscal seal and tighten monetary policy, improvement of the banking sector, the press service of the Ministry of Finance said.
The IMF representative stressed the importance of economic reforms in the fiscal and taxation policies and measures for the speedy recovery of the banking sector and expressed approval of these steps on the part of the international financial institution.
The sides discussed technical assistance to improve the prospects of cooperation, the monetary and exchange rate policy of the Central Bank, as well as medium-term budget planning and the macro-fiscal framework of the Ministry of Finance.
The IMF consultation mission will visit Azerbaijan again in November this year. -----08D
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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