(MENAFN- Trend News Agency) First version published at 19:52
BAKU, Azerbaijan, May 19. Azerbaijani Ministry
of Finance believes that the closure of the local office by the
International Monetary Fund (IMF) in Baku is a logical step and can
be considered as an indicator of the transition of Azerbaijan to a
higher category in terms of financial stability and improving its
economic rating, Mayis Piriyev, Head of Department of the Public
Relations and Civil Appeals of the ministry, told trend .
According to Piriyev, Azerbaijan, which has been accepted as a
member of the IMF since 1992, worked closely with the fund in
1993-2001, attracting loans for a number of programs, in connection
with which, in those years, the IMF office in the country acted as
a resident representative.
He noted that the main mission of the IMF is to implement credit
and financial assistance programs that support the stabilization
and improvement of the macroeconomic and fiscal situation in member
countries experiencing financial difficulties in balancing their
expenses with income and facing problems of depletion of their
reserves in foreign currency.
The last time the Azerbaijani government attracted a loan from
the IMF was in 2001, and by 2015 it had returned all its debts to
"Taking into account the rapid socio-economic development of our
country, the significant growth of the gross domestic product, the
creation of the State Oil Fund to manage oil revenues, and the
formation of foreign exchange reserves that are many times higher
than external debt obligations, since 2009 the cooperation of
Azerbaijan with the fund has been carried out exclusively in the
format of annual consultations and receiving some technical
support," Piriyev said.
He also said that, during this time, the IMF reduced the number
of employees of its Baku office and was actually represented by one
According to Piriyev, in a letter addressed to the ministry in
connection with the decision to close the office in the country,
the foundation notes that Azerbaijan currently has a stable economy
and large financial resources, and accordingly there is no need for
a policy-oriented cooperation and the activities of the office.
Piriyev, noting that in the absence of a local office of the
fund in Baku, it is planned to expand cooperation within the
framework of technical support, added that the country decided to
provide financial support to the activities of the recently
established the Caucasus, Central Asia, and Mongolia Regional
Capacity Development Center (CCAMTAC), opened by the IMF, in the
Kazakh city of Almaty.
He also said that a number of state structures of Azerbaijan are
already showing interest in the activities, training and technical
expertise of this center.