Azernews.Az

By Ayya Lmahamad

The International Monetary Fund (IMF) is ready to provide the necessary support to Azerbaijan in the non-oil sector development, IMF Deputy Executive Director Bo Li said, Azernews reports.

He made the remarks during a meeting with Azerbaijani Finance Minister Samir Sharifov.

Bo Li also spoke about the global economic slowdown and global risks. He positively assessed the achievements made in recent years in the field of increasing non-oil revenues and sustainable development of the non-oil sector in Azerbaijan.

During the meeting, the parties exchanged views on the current state and prospects of economic development in Azerbaijan, the dynamics of key macroeconomic indicators, the current state and prospects of current relations with the IMF, as well as plans for further development.

In his turn, Samir Sharifov spoke about the macroeconomic situation in Azerbaijan, the reforms carried out by the government, the adopted “Azerbaijan 2030: National priorities of socio-economic development” and the strategy of the socio-economic development of Azerbaijan for 2022-2026. He also spoke about the work carried out toward the rehabilitation and reconstruction of the country’s liberated territories.

“Maintaining fiscal discipline and reducing dependence on oil revenue to ensure fiscal sustainability is the focus of the government, and the IMF is fully supporting our country in this regard,” he said.

Speaking about the improvement of public finance management, including the introduction of a medium-term expenditure framework and transition to a result-oriented budget mechanism, and implementation of reforms to enhance budget transparency and accountability, Samir Sharifov noted that Azerbaijan advanced 37 points in the latest Open Budget Index report, prepared by the International Budget Partnership Organization.

Azerbaijan joined the International Monetary Fund (IMF) on September 18, 1992. Since Azerbaijan's induction into the organization, the IMF has implemented several programs in Azerbaijan that foster economic growth.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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