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WB expects inflation in Azerbaijan to abate in 2017

(MENAFN - Trend News Agency ) Baku, Azerbaijan, Apr.21

By Leman Zeynalova – Trend:

Inflation in Azerbaijan will abate in 2017 due to limited liquidity on the market and will hover at about 5 percent a year, the World Bank (WB) said in its updated "Azerbaijan Partnership Program Snapshot" report.

Azerbaijani government has embarked on reforms that will accelerate banking sector resolution and improve the business environment, according to the report.

'The government has accelerated structural reforms, including the simplification of customs clearance and licensing procedures. It also approved a Strategic Roadmap for the development of key sectors of the economy,' said the WB analysts.

The World Bank is working with the government of Azerbaijan and its development partners to support the country on a path toward sustainable, inclusive, and diversified development.

WB analysts recalled that in December 2016, the Azerbaijani government launched a Strategic Roadmap for the development of the national economy and 11 key sectors.

'These strategy documents set medium- and long-term goals for reforms and sustained development. Fiscal consolidation will likely remain a policy priority through the medium term, however, which may delay implementation of some of the investment programs,' said the report.

Azerbaijan is trying to benefit from regional connectivity initiatives to boost transit and trade, note the WB analysts, adding that in particular, the country is one of the sponsors of the East–West and North–South transport corridors.

Among Azerbaijan's international projects, the WB analysts emphasized the construction of the Baku–Tbilisi–Kars railway line, which will connect the Caspian region with Turkey, as well as the Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans-Adriatic Pipeline (TAP), which will deliver natural gas from Azerbaijan's Shah Deniz gas field to Turkey and Europe.

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WB expects inflation in Azerbaijan to abate in 2017

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