IMF RESIDENT REPRESENTATIVE IN AZERBAIJAN MAKES STATEMENT
International Monetary Fund (IMF) Resident Representative in Azerbaijan Mr. Basil Zavoico made the following statement today in Baku:
“My four-year term as the resident representative of the International Monetary Fund in Azerbaijan will expire shortly, and I will be returning to Washington DC. During the first two years of my tenure, I was very fortunate to have been an active participant in the design and implementation of the economic program supported by the IMF`s Poverty Reduction and Growth Facility that was completed in July 2005. Since then Azerbaijan has graduated from its program relationship with the IMF into a surveillance mode. In the context of these consultations, I have had an opportunity to contribute to the active dialogue between the IMF staff and the authorities on the macroeconomic challenges of managing the current large oil production boom. I am also pleased to note the growing interest of the NGO community and the press in the IMF`s assessments of Azerbaijan’s macroeconomic situation and economic policy recommendations. It is expected that a new resident representative will arrive in Baku later this fall, and I am confident that my successor, together with the headquarter mission team in Washington DC, will continue a close engagement with both the government and non-government bodies on key macroeconomic issues. I would like to thank the Azerbaijan government and the National Bank of Azerbaijan for the extraordinary hospitality and cooperation that they have shown me and my family”.
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