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IMF WARNS OF DOUBLE -DIGIT INFLATION
Azernews, March 7, 2007
Inflation is likely to grow in Azerbaijan and hit 17% in 2007 unless additional steps are taken to curtail it, the International Monetary Fund (IMF) experts have warned, but praised the government's resolute plans to address the problem.
The IMF deputy director of Middle East and Central Asia Vitali Kramarenko, who visited Baku last week, said the IMF mission had laid out its recommendations to the government.
"We believe that the sooner the country's fiscal policy is adjusted, the easier it will be to prevent the rising inflation," he told a news conference.
"The government should cut its expenses to some extent this year. At the same time, it is necessary to raise interest rates and advance monetary policy. However, the authorities believe it will be difficult to reduce growth in spending in 2007."
Commenting on the hike in energy prices ordered in January, Kramarenko said the measure was likely to lead to an inflationary increase of 4%.
The country's pricing regulator, the Tariff Council, on January 6 raised the prices on gasoline by some 50%, while those on other types of fuel - by 25% and electricity threefold.
PRESIDENT ILHAM ALIYEV RECEIVES UN RESIDENT COORDINATOR BRUNO POUEZAT
MOTHER LANGUAGE DAY HELD IN AZERBAIJAN
CHECHENS PICKET UNHCR
BAKU HOSTS PARLIAMENTARY MEETING ON REPRODUCTIVE HEALTH PROBLEMS IN SOUTH CAUCASUS
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March 2007,
Issue No. 47
Previous Issues
UNDP Azerbaijan Website
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NOVRUZ RINGING THE DOORBELL
Azernews, March 20, 2007
Aliyev congratulates nation on historic date
The Azerbaijani people celebrated national holidays in a rather low-key way during the Soviet Union times. However, after they asserted sovereignty and established an independent state upon the Soviet collapse in 1991, March 20-21 - the Novruz Bayrami (Holiday) marking the advent of spring - were officially announced holidays. President Ilham Aliyev has lately issued a decree announcing the celebration of the holiday for five days for the first time in the republic's history. Under the decision, the people of Azerbaijan will celebrate the date for a full week starting this year.
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