By results of the news conference on Tuesday, the head of the IMF mission on Azerbaijan Nadim Ilahi told reporters that 'from the very beginning of the current 'oil boom' Azerbaijan has been recording high economic growth rates, macroeconomic stability and significant reduction in poverty rate.
"This year, the nonoil sector in Azerbaijan expects about 9% growth (compared to 7.5% in 2010). In 2012 growth rates can make up 6%. This will be promoted by state spending", Ilahi said.
The plan of privatization of the International Bank will be ready by the mid-2012, Nadim Ilahi said at a press conference today.
The bank is expected to be privatized shortly after the relevant plan is submitted to the government.
"Discussions are under way at the moment on recapitalization of the International Bank. Various options in this respect will be submitted to the government in summer next year."
Inflation in Azerbaijan is expected to reach 8% by the end of the year, Nadim Ilahi said.
The Azerbaijani economy is developing at a fast pace at the moment, he added.
"Macroeconomic stability has been ensured and poverty rate has significantly reduced."
The growth in non-oil sector will be 9% compared to 7% last year. It will be 6% next year, Ilahi noted.
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