Azerbaijan and World Bank discuss cooperation in public finance management
Baku, October 31, AZERTAC
Azerbaijan’s Minister of Finance Sahil Babayev met with a delegation led by Asad Alam, Regional Director for Europe and Central Asia for the World Bank’s Equitable Growth, Finance and Institutions (EFI), who is on a visit to Azerbaijan.
The discussions focused on expanding cooperation between Azerbaijan and the World Bank, addressing opportunities and new challenges in public finance management and fiscal policy, and exploring potential areas of partnership.
Minister Sahil Babayev emphasized that Azerbaijan attaches great importance to its partnership with the World Bank. Since joining the institution, Azerbaijan has benefited from the Bank’s financial support, technical expertise, and strategic recommendations, which have significantly contributed to the development of key sectors, including infrastructure, education, healthcare, and public administration. He added that this cooperation has also advanced energy, transport, and social service projects, supporting sustainable development and macroeconomic stability.
The sides also reviewed the implementation of the “Capacity Building for Medium-Term Expenditure Framework in Azerbaijan” project, financed by Switzerland’s State Secretariat for Economic Affairs (SECO) through the World Bank. Discussions covered the Ministry of Finance’s public finance review, digital solutions, information systems assessment, and capacity development initiatives.
It was noted that within the framework of assessing digital solutions and information systems, the World Bank mission will conduct a diagnostic analysis at the ministry to identify existing gaps and determine future development directions for creating an integrated Public Financial Management Information System architecture.
Asad Alam commended the Azerbaijani government’s efforts to improve financial management and fiscal policy, stressing that the successful implementation of the project would significantly strengthen the efficiency and sustainability of public finance management.
Both sides expressed confidence that the partnership between Azerbaijan and the World Bank will continue to deepen and exchanged views on other issues of mutual interest.
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