Head of Azerbaijan Mission of IMF: “New Economic Model will diversify Azerbaijan’s Economy”
Head of Azerbaijan Mission of the International Monetary Fund (IMF) Mohammad al-Gorchi visited Azerbaijan State University of Economics (UNEC) on May 31.
Discussions on Macro-economic situation, as well as the reforms implemented in the field of improving the business and investment climate were made within the meeting with UNEC Rector, Professor Adalat Muradov.
Head of Azerbaijan Mission of International Monetary Fund Mohammad al-Gorchi spoke about the latest economic processes and the reforms held in Azerbaijan. Noting that the economic situation in the country is being changed rapidly, Head of the mission evaluated it as a result of the realization economic and political events. He said, the new economic model envisaging the development of the private and non-oil sectors of the country will bring to the diversification of economy in Azerbaijan. He praised the support of private sector by the government in the current situation and said the International Monetary Fund highly appreciates the steps taken.
Head of Azerbaijan mission of IMF Mohammed al-Gorchi stressed the positive trend related with balance of payment.
UNEC Rector, Professor A.Muradov pointed that the current challenges in the economy of Azerbaijan, is mainly related with the volatility in oil prices. The successful policy realized in Azerbaijan previously provides the opportunity of responding these challenges. Thus, the President has signed the Decree on “The Directions of the Strategic Roadmap on the National Economy and main Sectors of the Economy” targeted to provide the sustainability of economic policy and reforms implemented, in-depth analysis of economy and develop new economic development strategy.
Rector mentioned the expansion of Azerbaijan’s relations with Turkey and Iran and drew to attention the implementation of relevant project via “Silk Road”. Speaking about the improvement of business and investment climate, A.Muradov noted that the inspections have stopped in this field to stimulate the entrepreneurship and the number of licenses and permits decreased abruptly. He also highlighted the establishment of Appeal Boards, strengthening supervision of financial markets and the implementation of measures in the field of promotion of investment.
Speaking about the activities of banks, Rector pointed that although the main objective of the Central Bank is to ensure price stability within its power, the structure should be one of the objects to provide the growth of GDP.
Azerbaijan is one of the few countries that is rich in oil and have made effective use of income generated from the expense of high oil prices. Azerbaijan has a clear and could be seen as positive political vision on the future economic development. Most importantly, hundreds of young people are studying at the prestigious overseas universities at the expense of oil which is the policy to transformation of oil capital into the human. I am confident this human capital will make significant contribution to Azerbaijan economy.