IMF praises Azerbaijan’s steps to strengthen macroeconomic stability

Azerbaijan’s Minister of Finance, Sahil Babayev, held a meeting on February 4 with Patrick Loszewski, Executive Director representing the International Monetary Fund (IMF) constituency, and Anna Bordon, head of the IMF mission in Azerbaijan, to discuss cooperation between the country and the Fund.

The Ministry of Finance told Caliber.Az the talks focused on the current status and future prospects of Azerbaijan–IMF collaboration. The sides emphasised the importance of expanding capacity-building efforts and strengthening technical assistance mechanisms in line with the institutional and structural reforms underway in Azerbaijan.

The meeting included a broad exchange of views on key aspects of fiscal and monetary policy, the maintenance of macroeconomic and financial stability, and measures to enhance resilience to risks stemming from global economic developments.

Babayev underscored the significance of long-term, trust-based cooperation with the IMF, noting that ensuring macroeconomic and financial stability remains one of the government’s top priorities. He stressed that fiscal policy is guided by the principles of sustainability and efficiency, while effective management of public resources, stronger medium-term budget planning, and greater resilience to external shocks form the core directions of ongoing reforms.

Loszewski, in turn, said the IMF had given a positive assessment of the steps taken by Azerbaijan to reinforce macroeconomic stability and advance structural reforms.

The discussions also addressed the expansion of IMF capacity and the current imbalance in the allocation of technical assistance resources to Azerbaijan. Babayev pointed out that, considering the scope of institutional and advanced reforms being implemented in the country, a more balanced regional distribution of such resources would be appropriate. He also raised concerns about the limited representation of Azerbaijani specialists within the IMF, emphasising the need to strengthen staff presence in the Fund in light of Azerbaijan’s growing economic potential.

In addition, the sides exchanged views on further deepening cooperation between Azerbaijan and the IMF, continuing institutional dialogue, and other matters of mutual interest.

By Tamilla Hasanova