BAKU, Azerbaijan, June 2. Economic
diversification issues have been discussed between Azerbaijan and
the World Bank (WB), a source in the Azerbaijani Ministry of
Finance told Trend.
The discussion took place during the meeting of Minister of
Finance Sahil Babayev with a delegation led by WB Regional Director
for the South Caucasus Rolande Pryce.
The meeting presented the report "Diversification and
Development in Azerbaijan" prepared by the World Bank, discussed
the main results of the document and its potential impact on the
process of economic diversification of Azerbaijan.
Babayev noted that the partnership with the WB has made a
significant contribution to the socio-economic development of
Azerbaijan, and noted that cooperation continues successfully in
the areas of infrastructure modernization, energy transition,
strengthening transport connections, improving the social
protection system and developing public administration.
Emphasizing economic diversification as one of the main
priorities of the Azerbaijani government, the minister briefed on
the measures implemented in the areas of expanding the non-oil
sector, improving the investment climate, increasing export
potential, developing human capital and implementing digital
solutions.
Mentioning the importance of maintaining macroeconomic stability
and strengthening fiscal sustainability, Babayev noted that the
application of modern approaches in public finance management,
strengthening fiscal discipline and increasing the role of non-oil
revenues are of particular importance in terms of long-term
economic sustainability. It was noted that the development of
information and communication technologies, financial services and
tourism sectors, as well as the expansion of regional transport and
logistics ties are among the main directions of the country's
diversification policy.
The meeting parties also reviewed the work done to improve
corporate governance of state-owned enterprises, increase
transparency and accountability, and stressed the importance of
strengthening monitoring mechanisms and effective management of
fiscal risks.
Pryce welcomed the development of the partnership between
Azerbaijan and the WB, and expressed their interest in expanding
cooperation in the areas of strengthening the private sector, green
development, energy transition, digitalization, improving public
administration and human capital development. She noted that the WB
will continue to support Azerbaijan's long-term development
agenda.
In conclusion, the parties exchanged views on economic and
financial issues of mutual interest and emphasized the importance
of continuing cooperation and constructive dialogue.
