ECONOMY
LARGE SCALE, MANY-SIDED REFORMS ARE CARRIED OUT IN AZERBAIJAN
FIRST INTERNATIONAL CONFERENCE ON BANKING SYSTEM OPENED IN BAKU
The conference organized by the National Bank of Azerbaijan, JSC “Ata Bank”, and “ AtaHolding” gathered representatives of such international financial institutions as European Bank for Reconstruction and Development, International Monetary Fund, the World Bank, as well as 15 leading local banks, audit and insurance companies.
The conference was opened by Chairman of board of the National Bank Elman Rustamov. State Adviser for Economic Policy Vahid Akhundov read out the letter of greetings to the participants of President of Azerbaijan Ilham Aliyev.
The conference participants were shown the documentary about economic development of the country, reforms, which had been successfully carrying out under the leadership of President of Azerbaijan Heydar Aliyev for the last decade.
Addressing the forum, State Adviser for Economic Policy Vahid Akhundov touched upon the radical changes in social and economic life of Azerbaijan saying that “the country’s economy is now being developed dynamically providing macro economic stability and good results concerning improvement of the populations welfare”.
According to him, the main goal of the state economic policy today is today strengthening successes achieved and deepening reforms on the way towards to the market economy. This strategy has been declared by President of Azerbaijan Ilham Aliyev. “A qualitatively new stage in social and economic development of Azerbaijan has already been started”, he added.
The State Adviser further noted that along with energy projects, reforms in non-oil sector are also priority directions in the development of economy.
Speaking of the main priorities of the state policy in banking sphere, the State Adviser noted that that this important sector of economy has been steadily forming in Azerbaijan for the last years. Under the new conditions, there is an urgent need for creation of new national bank system, and new draft laws have been drawn up to this end. Vahid Akhundov expressed hope that the conference participants will share their opinions on these draft laws in the course of the work.
WB Director for the South Caucasus Donna Dowsett- Coirolo highly appreciated of the organization of international conference and noted that large-scale reforms are being carried out today in Azerbaijan in many directions. One of the evidences of this is the present conference, whose principal organizer is a private bank.
Ministry of Economic Development Farad Aliyev, Director of the second European department of the IMF John Wakeman- Linn, Chairman of the observation Council of “Ata Holding” Ahmed Erentok, President of the Banking Association of Azerbaijan Zakir Nuriyev, representative of the IMF Niko Hobdari pointed out addressing the conference opening that this forum has a great significance for the development of banking sphere in Azerbaijan.
In the course of conference to complete its work on November 14, six seminars will be held on the following themes: