An EBRD Economist: Azerbaijan Gathers Pace in Reforms for Improving Its Business Climate
In order to improve the business climate and attract investments to Azerbaijan non-oil sector, the Azerbaijani Government should strengthen its legislative and normative base, as well as establish the efficient use of the anticorruption legislation, Anita Taki, EBRD Senior Economist for Azerbaijan, has said today during the presentation of a EBRD report on Azerbaijan, Trend reports.
According to her, the country is gathering the pace of reforms considered for the improvement of Azerbaijan business climate. Measures at simplifying the enterprise registration order are taken as well.
The Government could manage to attain certain successes in the issue on introducing international and national accounting standards, she said.
The Azerbaijan Finance Ministry has issued an order that obligated 20 public organizations, including some state-run enterprises, to adopt the international accounting standards by July, 2007.
According to the report of the Bank, the private sector active involvement will promote the financial system development, as well as strengthen the competition among the banks.
Taking into consideration the perspectives of the further income from the oil, it is necessary to control the inflation through holding the prudential-credit and money-banking expenditure policy, simultaneously with resolving the infrastructure modernization issues, she said.
Evaluating the structure reforms being carried out in Azerbaijan, she said that the major obstacle on the way of the development of private enterprises in the country is bureaucracy.