The IMF mission visits the Ministry of Economy and the State Oil Fund
The IMF mission which arrived in Baku had talks in the Ministry of Economy, and discussed the issues of minimizing the negative of lower oil prices in the world. According to the Ministry of Economy, it was also affected by the expansion of cooperation between Azerbaijan and the IMF. The IMF delegation were adopted by the State Oil Fund, where they discussed issues of cooperation. The IMF and Azerbaijan do not have talks on attracting an urgent package of international financial assistance, reads the official information. "SOFAZ said that Azerbaijan has sufficient foreign exchange reserves and the macroeconomic situation is stable. The meeting raised the topic "Azerbaijan's transition to a new economic model in the strategy of Ilham Aliyev, the program". The report dioes not say what exactly is this strategy and model. -02D-
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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