Azerbaijan, IMF explore cooperation
Baku, February 4, AZERTAC
Sahil Babayev, Azerbaijan’s Minister of Finance, met with a delegation of the International Monetary Fund (IMF), including Patrick Loszewski, IMF Executive Director for Azerbaijan's constituency, and Anna Bordon, head of IMF mission in the country.
The meeting focused on the current state and development of cooperation between Azerbaijan and IMF, stressing the significance of strengthening capacity building and technical assistance mechanisms, taking into account the institutional and structural reforms implemented in Azerbaijan. In this vein, the officials discussed the key areas of fiscal and monetary policy, preserving macroeconomic and financial stability, and increasing resilience to risks arising from global economic processes.
Highlighting the long-standing and trusted cooperation between Azerbaijan and IMF, Minister Babayev described maintaining macroeconomic and financial stability as one of the Azerbaijan’s top priorities, adding that the fiscal policy is shaped around the principles of sustainability and efficiency, including effective use of public resources, stronger medium-term budget planning, and enhanced resilience to external shocks.
Head of IMF mission Anna Bordon underscored the key role of the fiscal and monetary policies pursued in Azerbaijan in strengthening macroeconomic stability and ensuring long-term development, while underlining the importance of IMF technical assistance and capacity building in supporting institutional reforms and financial sector resilience.
IMF Executive Director for Azerbaijan's constituency Patrick Loszewski said that IMF hails Azerbaijan's efforts to strengthen macroeconomic stability and enhance structural reforms.
Touching upon the existing imbalances in the allocation of IMF capacity building and technical assistance resources for Azerbaijan, Babayev called for a more balanced regional distribution in light of the reforms underway.
The meeting also addressed ways of deepening cooperation between Azerbaijan and the IMF, continuing institutional dialogue, as well as other issues of shared interest.
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