The government does not discuss with the IMF plans to revise tariffs for energy and utilities
The International Monetary Fund does not have any recommendations for a review of tariffs for energy and utilities, and in the course of the mission's visit to Baku the government did not shared its plans in this regard, said the head of the IMF mission to Azerbaijan, Raja Almarzogi at today’s press conference on the results of the visit (8- 15th November) on the assessment recent economic processes, answering the question from Turan agency.
The IMF noted that no discussions with the government on changes in tariffs were conducted. "We only recommend to implement measures to increase state budget revenues from the oil sector," said Almarzogi .
Assessing the economic situation of the country and the plans for 2014, he said that after the stabilization of oil production the prospects in Azerbaijan for next year are encouraging : GDP growth for 2014, like this year, is expected to reach 5%. Inflation will vary between 3%.
Mission welcomed specific steps the government on fiscal policy , improving the efficiency of public expenditure and pension reform.
"Improving the business climate will expand into new markets. And this requires compliance with the requirements of the Customs Code, the completion of the process of joining the World Trade Organization, to improve the management in the whole," said Almarzogi . In parallel, he welcomed the adoption of the law on inspections in the field of entrepreneurship and the fact that the banking and insurance sectors not covered by this document. --08C—
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- Politics
- 15 November 2013 16:44
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- 15 November 2013 17:36
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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