The International Monetary Fund (IMF) executive board concluded the 2014 Article IV consultation on Monday with the Republic of Azerbaijan.
Azerbaijan has seen favorable economic developments recently, with the stabilization of oil output and strong non-oil growth in 2013. The country saw inflation remain at a low 2.4 percent average, and high oil prices and limited turbulence in the regional market further strengthened the economy.
The budget that was approved for 2014 would further consolidate the non-oil primary deficit.
The Central Bank of Azerbaijan (CBA) lowered its refinancing rate at the end of April by 50 basis points. The CBA also rightened consumer loan conditions and reduced its direct lending to the real economy.
Possible risks this year could be related to a drop in global oil prices; however, the negative effects of this could be buffered by large sovereign foreign assets. Overall, the executive board assessed that the government's recent achievements have put the country on track toward becoming a dynamic emerging market.
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