Republic of Azerbaijan: 2021 Article IV Consultation-Press Release; and Staff Report
Republic of Azerbaijan: 2021 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-12-22

Total Pages: 67

ISBN-13: 1616359595

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Azerbaijan faced unprecedented challenges in 2020. The combined COVID-19 and oil price shocks pushed the economy into recession. A sizeable relief package helped cushion the economic impact from this shock, and the economy has started to recover. Yet the medium-term outlook remains subdued. The long-term fiscal position is unsustainable as oil resources are expected to run out by mid-century. The authorities have laid out strategic goals of accelerated yet sustainable socio-economic development over the next decade and are developing policy plans to that end.

Azerbaijan Republic
Azerbaijan Republic

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2002-03-08

Total Pages: 70

ISBN-13: 1451802587

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This paper assesses Azerbaijan’s 2001 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criteria. Economic and financial performance was satisfactory, and all quantitative performance criteria were met. Implementation of structural reforms was somewhat slower than programmed, and the authorities are requesting waivers for nonobservance of three structural performance criteria for end-September 2001 and the continuous performance criterion on the stock of external arrears. The adoption of regulations on the oil fund budget was done on time.

Azerbaijan Republic
Azerbaijan Republic

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2003-06-06

Total Pages: 99

ISBN-13: 1451802641

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This paper evaluates Azerbaijan’s 2003 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility (PRGF), and Requests for Waivers of Performance Criteria, Extension of Arrangement and Rephasing of Purchases. Performance relative to the quantitative targets under the program was strong, as all quantitative performance criteria and most indicative targets were met. Implementation of the structural reforms under the program was slower than planned, delaying completion of the second review. The authorities are requesting several waivers related to delays in structural reforms.

Republic of Azerbaijan
Republic of Azerbaijan

Author: International Monetary Fund. Middle East and Central Asia Dept.

Publisher: International Monetary Fund

Published: 2019-09-18

Total Pages: 72

ISBN-13: 1513514377

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This 2019 Article IV Consultation with the Republic of Azerbaijan highlights that the economy is continuing to recover from a banking crisis and recession. Looking ahead, economic growth is expected to reach 2.7 percent in 2019 on strong hydrocarbon production and robust domestic demand, benefitting from new spending measures. Gradual and growth-friendly fiscal consolidation is needed to strengthen intergenerational and precautionary buffers while mitigating the adverse impact on the economy. Consolidation could rely on prioritizing and improving the efficiency of spending, rationalizing tax policy, and improving revenue administration. Reducing administrative burden for businesses, encouraging competition, and strengthening governance and transparency would reduce the cost of doing business, foster entrepreneurship, and attract foreign capital. Prioritizing investment for healthcare and education, improving its efficiency, and better targeting of social protection would help nurture human capital and improve productivity. Addressing governance weaknesses is essential to reduce vulnerabilities to corruption. More integrated policies, along with better data availability, would support decision making and credibility, and attract investment.