Azerbaijan: Recent Economic Developments

International Monetary Fund

No 1998/083, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper describes economic developments in the Azerbaijan Republic during the 1990s. Real GDP declined by more than 70 percent from 1992 to 1995, by which time high inflation had eroded real incomes, the exchange rate had weakened, and international reserves were nearly depleted. In early 1995, the authorities started a comprehensive stabilization program supported by the IMF’s Structural Transformation Facility. Fiscal and credit policies were tightened, while a number of structural reforms were introduced, mainly in the areas of exchange and trade liberalization.

Keywords: ISCR; CR; oil fund; broad money; fiscal policy; central bank; rate of return; economic activity; current account; foreign direct investment; Oil; Oil prices; Oil sector; gas and mining taxes; Oil production; Europe; Middle East; Eastern Europe; Asia and Pacific; Baltics (search for similar items in EconPapers)
Pages: 86
Date: 1998-09-23
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