Azerbaijan's Central Bank teams up with IMF to fortify financial stability

The Central Bank of Azerbaijan (CBA) and the International Monetary Fund (IMF) have held discussions aimed at strengthening financial stability, said the chairman of CBA Taleh Kazimov on X page.

The discussions occurred during a meeting with Bo Li, the Deputy Executive Director of the IMF, on the sidelines of a gathering of central bank governors and finance ministers from the Caucasus and Central Asia, Caliber.Az reports.

We participated in a meeting attended by #centralbank #governors and finance ministers from the Caucasus and Central Asia region, held within the framework of the #AnnualMeetings2024 of the World Bank and the International Monetary Fund.

Initiated by IMF DMD Bo Li, the… pic.twitter.com/L19mWnAogB

— Taleh Kazimov (@TalehKazimov_T) October 25, 2024

"We discussed the importance of expanding financial inclusion and enhancing financial stability in the region," Kazimov stated.

He highlighted the potential for support from the IMF and other regional financial institutions to bolster initiatives aimed at improving financial accessibility through capacity building, advisory services, and mutual coordination.

The emphasis on these discussions underscores the commitment of both the CBA and the IMF to address the financial challenges facing the region and to promote sustainable economic growth.

Notably, in a recent update, the International Monetary Fund (IMF) has predicted a 3.2% increase in  Azerbaijan's GDP for 2024, as stated in the October edition of the World Economic Outlook.

This represents an improvement from the April forecast, which estimated 2.8% growth for the same year.

Looking ahead, the IMF anticipates that Azerbaijan's economy will grow by 2.5% in 2025, an increase from the earlier estimate of 2.3%. The long-term outlook remains stable, with a projected growth rate of 2.4% for 2029.

Overall, the Middle East and Central Asia region is expected to see economic growth of 2.4% in 2024, 3.9% in 2025, and 3.8% in 2029.

By Aghakazim Guliyev