“We may see certain progress in the second half of 2016. Current operations balance is improving. In fact, these external shocks are a chance for change of economic model. By this time, Azerbaijan’s economy has depended on oil. However, now everyone accepts that it’s needed to go toward economy basing on private sector and reforms. Several reforms are currently being carried out. These reforms will give positive results. Of course, there are some problems to be solved, but the government is trying to solve them. One of main difficulties is a restructuring in banking sector. As an IMF, we give advices. We have certain plans. If government needs these advices, IMF may provide technical assistance to them”, he said.
IMF forecasts certain progress in Azerbaijan
31 May 2016
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Decline in oil price affected Azerbaijan, as well as other countries in the region. Consequently, manat rate is set by floating rate after two devaluations. Azerbaijan
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