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IMF to Provide Technical Support to Financial Market Supervisory Body in Azerbaijan

The International Monetary Fund is interested in providing technical support and joint implementation of projects with the Financial Market Supervisory Body in Azerbaijan.

Philip Bartholomew, head of the technical support mission in the Middle East and Central Asia department at the IMF made the remark in Baku at a meeting with Rufat Aslanli, the Chairman of the Board of Directors under the Financial Market Supervisory Body.

Head of the mission expressed his confidence that the progress will be achieved in maintaining sustainable financial position in the market and to ensure the stability of the financial sector.

The long-term relations between Azerbaijan and the IMF have always been at the high level, said Aslanli in his turn.

The head of the Financial Market Supervisory Body also spoke about the steps taken to ensure financial stability and sustainability in Azerbaijan on the background of the geopolitical trends and macroeconomic risks.

Afterwards, the sides discussed the measures on sustainable financial stability and the prospects of future cooperation between the Financial Market Supervisory Body and the IMF in this context.

Azerbaijan established a legal public entity in February-- Financial Market Supervisory Body -- to cope with the impacts of decreased revenues from oil and gas sales.

The body was founded within the framework of ongoing structural reforms to improve the business environment, promote transparency and increase efficiency of public administration.

This supervisory body aims at licensing, regulating and controlling the securities market, investment funds, insurance and credit organizations. It is independent from state budget and operates based on the principle of self-financing.

The IMF, which is active in Azerbaijan since 1992, has allocated Azerbaijan $577.3 million in loans for the realization of the program on economic reforms in during 1995-2005. Azerbaijan fully repaid loans to the fund.

Since 2005, no need has arisen to apply for the IMF credit for Azerbaijan. That's why the parties have been cooperating on consultation and technical assistance issues in the main directions of the macroeconomic policy since 2006.

Source: Azernews

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