IMF’s latest review signals ongoing collaboration with Azerbaijan on economic stability

On March 21, during the Executive Board meeting of the International Monetary Fund (IMF), the outcomes of the annual consultations under Article IV of the Fund's Articles of Agreement were reviewed for Azerbaijan.

As announced by the IMF, Anna Bordon, the head of the IMF mission for Azerbaijan, the Middle East, and Central Asia, visited Baku from January 22 to February 5, 2025, Caliber.Az reports via domestic media.

During her visit, she conducted discussions with representatives of the Azerbaijani government and the Central Bank.

Article IV of the IMF's Articles of Agreement mandates the Fund to oversee the economic, financial, and exchange rate policies of its member countries in order to safeguard the stability of the international monetary system. As part of these consultations, IMF experts analyze macroeconomic conditions, gather relevant data, and engage with national authorities on key economic matters. Following each mission, a report is presented to the Executive Board, which then formulates its conclusions and communicates them to the country’s government.

During the visit in early 2025, the IMF mission focused on several important issues in Azerbaijan, including an assessment of macroeconomic indicators, the current state of the oil and gas sector, ongoing decarbonization initiatives, climate change adaptation measures, and an evaluation of the financial sector. The IMF’s experts provided recommendations for improving these areas, which will be addressed in the upcoming financial policy frameworks.

The IMF emphasized that the Azerbaijani government will require more time to review the staff report and the accompanying press release from the mission.

Azerbaijan became a member of the IMF on September 18, 1992. From 1995 to 2005, the IMF provided Azerbaijan with loans totalling $577.3 million to support its economic reforms. These loans were fully repaid.

Since 2006, cooperation between Azerbaijan and the IMF has focused primarily on Article IV consultations and technical assistance in macroeconomic policy, as Azerbaijan has not needed financial assistance from the Fund in recent years.

By Tamilla Hasanova