AZERBAIJAN’S ECONOMIC DEVELOPMENT MINISTER MEETS IMF DELEGATION
Heydar Babayev, Economic Development Minister of Azerbaijan, met with Lorenzo Perez, Deputy Director of the International Monetary Fund’s (IMF) Middle East and Central Asia Department and his accompanying delegation.
The meeting discussed macroeconomic development in 2007, as well as mid-term perspectives in 2008 and other issues.
Saying that Azerbaijan has achieved a substantial progress in the economy, Heydar Babayev noted “as a result of the successful socio-economic policy GDP grew by 34,5% in 2006 and 25% in 2007”.
“Azerbaijan, as an active participant of several regional projects, has been among the world’s leaders for GDP growth rates over the past three years. Non-oil sector in the country is successfully developing too”, the Minister said.
The Minister also said oil revenues were channeled to the development of country`s non-energy sector, as well as improvement of the people’s welfare.
H. Babayev noted entrepreneurship was developing in the country with investment climate improvements driving the growth in investments in the economy.
IMF official expressed his satisfaction with measures to maintain economic stability and dynamic economic development in Azerbaijan.
The meeting also focused on the level of inflation, Azerbaijan’s efforts to become member of the World Trade Organization, as well as actions to develop entrepreneurship in the country.
Heydar Babayev pointed out that Azerbaijani government and the National Bank take joint measures to keep inflation within tolerable limits.
Azerbaijani Minister said private sector was in the focus of Azerbaijani government`s attention too. So, AZN 80 million was allocated from state budget.
“Last year National Entrepreneurship Assistance Fund allocated AZN 90.7 soft credit to 882 entrepreneurs in 56 regions of the country. The credit aims to finance production of industrial and agricultural products, farming, tourism infrastructure, service and media development projects”, the Minister noted.
The Minister also said that adoption of the Competition Code would have great importance to maintain fair competition, prevent unfair competition, and regulate monopolists.
The meeting also discussed projects to be realized in 2008 and investment costs, as well as causal factors of inflation.
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