Qorchi said that the mission welcomes the authorities’ progress in implementing the structural reform agenda.
“Notable improvements have been made in social protection and labor markets, including a new unemployment insurance fund, implementation of pension reform, and a shift from passive to active labor market programs,” he said, adding that follow through and implementation of structural reforms are critical.
The impact of measures will be heavily diluted if they are not fully and vigorously applied, Qorchi explained.
The IMF office was opened in Baku in 1992. In 1995-2005, the Fund allocated loans worth $577.3 million to Azerbaijan. Azerbaijan fully repaid the loans.
There has been no need for Azerbaijan to apply to the IMF for financial resources since 2005. Therefore, since 2006, the IMF and Azerbaijan have cooperated within the framework of consultations and technical assistance missions in main areas of macroeconomic policy.
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