HEAD OF IMF MISSION MEETS WITH MM PERMANENT COMMISSION MEMBERS
Chairman of the commission Sattar Safarov updated the guest on the ongoing economic reforms in Azerbaijan, economic legislation and collaboration with international financial organizations including IMF. According to him, economic reforms under the guidance of President of Azerbaijan Ilham Aliyev are being accelerated and government does its best to improve the living standards of the population.
John Wakeman-Linn positively assessed the economic reforms implemented in Azerbaijan especially the “Long-term oil profits management strategy” submitted to President. the visit negotiations were targeted at discussing some matters, in particular, bill on 2005 budget.
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Head of IMF mission John Wakeman-Linn told AzerTAj reporter the mission has concern in the economic reforms being implemented in Azerbaijan. The on-going reforms in Azerbaijan are satisfactory. However, some issues need to be thrashed out. Azerbaijani government has worked out a long-term oil revenues management program and IMF supports it. Some countries raise the salaries and prices in conjunction with the rise in world oil prices. However, as the prices drop the country experience difficulties. Today, Azerbaijani government pursues a different policy. It tries to fill the budget gap through non-oil sector but not oil one. It will help elude difficulties.
IMF puts the budget deficit at 22 percent in the coming decade. We want Azerbaijani government be careful in this matter. The budget deficit should be based on non-oil sector and annual growth should not exceed one percent.
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