SOCAR, IMF mull energy transition, digitalization

Azerbaijan’s state oil company SOCAR and the International Monetary Fund (IMF) engaged in discussions regarding pivotal matters related to energy transition and digitalization, Trend reports.

The dialogue was held with participation of Anna Bordon, Head of the IMF mission for Azerbaijan.

During the discussions, both parties expressed their contentment with the progress of their mutually beneficial collaboration.

Notably, Bordon was apprised of Azerbaijan's extensive involvement in global energy projects, furthering its dedication to expanding the Southern Gas Corridor, and achieving SOCAR's strategic objectives. This inclusive conversation also encompassed the introduction of a new operational model, highlighting the continued efforts toward energy transition and digital advancements.

Azerbaijan joined IMF on September 18, 1992. During the period from 1993 to 2009, the IMF had a representation in Azerbaijan. After that, the financial institution continued its operations in Azerbaijan through a local coordinator. Starting from 2005, cooperation with the IMF has been conducted at the consultation level, as the Azerbaijani government opted not to receive loans from the fund.

IMF decided to close its office in Baku in June 2023, which, according to the Fund, reflects the strong performance of Azerbaijan’s economy and its large financial buffers.

“The IMF does not expect in the foreseeable future any lending arrangement with the country, which is usually the reason for a continued local presence. Nonetheless, the IMF’s close engagement with Azerbaijan will continue, including through regular visits to discuss economic and financial policies and by providing technical assistance when requested,” said IMF.

Source: TREND News Agency