The International Monetary Fund (IMF) has completed its discussions in Azerbaijan as part of the 2025 Article IV consultation. An IMF team visited Baku from January 22 to February 5, 2025, and met with various officials and stakeholders to discuss economic developments. The mission is part of the IMF’s routine consultations under Article IV of its Articles of Agreement. The conclusions from these discussions provide insights into Azerbaijan's economic status and the potential directions for fiscal and monetary policy.
The IMF staff expressed gratitude to the Azerbaijani authorities for their "frank and open discussions." Their findings suggest an economy showing broad-based growth with both risks and opportunities present in an uncertain external environment. Fiscal policies are planned to be adjusted for consistency and credibility, while monetary policy remains vigilant towards enhancing the policy framework. The financial sector continues to address existing vulnerabilities, and structural policies are being geared towards fostering private sector-led growth.
The economic indicators provided by the IMF for Azerbaijan cover a range of components, from GDP growth across different sectors to projections for consumer prices and money supply. Economic growth for the country, measured as GDP at constant prices, appeared relatively steady, while projections for the oil sector suggest slight fluctuations.
The IMF's assessment also provides insights into Azerbaijan's fiscal situation, indicating efforts to align fiscal policy in a more credible direction. Projections include comprehensive data on national income, consumer prices, money and credit, and the external sector, giving a detailed overview of the current economic conditions.
The next steps following this mission involve IMF staff preparing a detailed report of their findings, which, once approved by IMF management, will be presented to the IMF Executive Board for discussion and decision. Note that the views shared in this statement reflect the IMF staff’s preliminary findings and do not necessarily represent the IMF Executive Board's official stance.