Meeting held at Central Bank with Chief of IMF mission in Azerbaijan

22-04-2021

21 April 2021, Baku: The virtual mission of the International Monetary Fund (IMF) from 19 April to 7 May 2021 on Article IV of the Articles of Agreement began its work. In this regard, a video conference was held at the Central Bank with the head of the IMF mission in Azerbaijan Natalia Tamirisa.

The goal of the meeting was to discuss the standing of macroeconomic and financial stability, forecasts for 2021 and the medium run, priorities of the monetary and financial stability policies during and after the COVID-19 pandemic. 

The representatives of the IMF were detailed on the macroeconomic and financial stability standing in the country, the monetary and financial stability policies implemented by the Central Bank in 2020 and 2021Q1 and their results. It was mentioned that price stability, financial stability and balance in the FX market was safeguarded amid pandemic triggered external and internal threats. The monetary and prudential policies implemented during the pandemic contributed to economic activity within the macroeconomic and financial stability targets frame. Over the past period the monetary policy was eased both in terms of quantity and value aided by a number of macro prudential relief.

The sides exchanged views on the tasks and forecasts of monetary and financial stability policies for the rest of 2021.   

It was noted that President Ilham Aliyev had launched a new generation of reforms and set national priorities for upcoming 10 years.

 Ms.Tamirisa praised the work done to ensure macroeconomic and financial stability, the reforms and said that her organization stands ready to continue to provide technical assistance to our country and participate in relevant consultations. Preparation of a new economic development strategy is a very important step, and the strategy, to be developed on the basis of national priorities set under the leadership of the President, will make an important contribution to economic development.

The sides stressed the need to continue discussions and exchange views on the issues mentioned during the mission's activities.