Representatives from the International Monetary Fund (IMF) visited Baku from Oct. 21-27 to assess Azerbaijan's macroeconomic developments and to discuss setting up an IMF mission.
Led by Raja Almarzoqi, the team spoke with high-ranking officials about plans for the Article IV Consultation mission slated for June 2015.
Almarzoqi said the country has been resilient in the face of regional turbulence stemming from weak links in trade with Russia. The country is expected to see 4 percent growth in gross domestic products this year and 3.5 percent in 2015, as well as an expected slowdown in oil export.
“The mission encourages the authorities to build upon recent progress toward fiscal sustainability by maintaining fiscal consolidation in the 2015 budget," Almarzoqi said. "While the budget oil price assumption of $90 per barrel is prudent, expenditure commitments arising from international events limit fiscal space. Further adverse oil price developments would warrant consideration of a reduction in spending."