The International Monetary Fund concluded consultations on Article 4 with Azerbaijan, Trend reports.
Development of the non-petroleum sector and macro-economy has been stable since 2000. Extraction of resources prevented economic repercussions. Poverty was reduced by the non-petroleum sector and social support.
The IMF recommended that Azerbaijan maintain its economic growth rate and reduce poverty. The country should reduce dependence on petroleum. Diversification of economy may be achieved through state management and business. Trade barriers should be lifted and laws eased.
Increase of currency rate's flexibility may hold inflation off. The credit policy should be enforced. The Central Bank should improve connection of its credit and currency policies with the state policy.
Privatization of the International Bank of Azerbaijan may improve financial stability and improve its efficiency. Small and medium-scale business needs more access to financing.
The next consultations on Article 4 with Azerbaijan are planned within the annual schedule.
