Azerbaijan responds to IMF’s 2025 economic assessment, highlights reform progress

As part of its regular “Article IV Consultations,” the International Monetary Fund (IMF) conducts missions to assess the macroeconomic situation, financial stability, and fiscal and monetary policies of its member countries. During its visit to Azerbaijan in January–February 2025, the IMF delegation was briefed on the country’s macroeconomic indicators, development priorities, reform agenda, and fiscal and monetary policy frameworks.

Following the mission, in April 2025, the IMF published its final statement on Azerbaijan’s economic outlook, Azernews reports, citing the Ministry of Economy.

The statement highlighted several positive developments achieved by Azerbaijan in recent years, including:

• Balanced economic risks
• Improved performance of state-owned enterprises
• Stabilization of inflation within the target range
• Restoration of fiscal discipline
• Enhanced transparency and progress in anti-corruption efforts

However, the Ministry noted that despite including many government-provided data points, the IMF report overlooked several important areas. Given the influence of international assessments on investor decisions and global perception, these omissions carry significance.

For instance, the IMF projects Azerbaijan’s average annual economic growth rate at 2.6% for the 2025–2030 period. However, the Ministry’s latest macroeconomic forecasts estimate a higher growth rate of 3.8% for 2025–2029.