Republic of Azerbaijan: Fifth Review Under the Poverty Reduction and Growth Facility Arrangement and Request for Waiver of Performance Criteria

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 260

Publication date: August 2005

ISBN: 9781451931099

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , right , authority , PRGF loan , PRGF arrangement , disinflation program , disinflation policy , Azerbaijani authorities , authorities' disinflation effort , Oil , Budget planning and preparation , Oil prices , Monetary base , Global

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Summary

The staff report for the Fifth Review Under the Poverty Reduction and Growth Facility for the Republic of Azerbaijan focuses on the short-term macroeconomic outlook and monetary and exchange rate policies. Domestic demand has been increasing much faster than GDP partly on account of large oil sector-related and other investments. There was broad agreement that greater exchange rate flexibility is essential for reducing inflation pressures. Azerbaijan has had an excellent track record in servicing its external debt.