First Assessment of Current Economic Risks and Development of Potential Political Measures Carried out in Azerbaijan Through Seco’s Support
Azerbaijan, Baku, 26 November / Trend , corr. I.Khalilova, A.Badalova /The first document of the current economic risks in Azerbaijan and potential political measures was developed within the framework of the technical assistance of the Swiss State Secretariat for Economic Affairs (Seco). The document was submitted to the Azerbaijani presidential administration, Naila Safaova, the head of the Seco national program, said.
The assessment was carried out within the first phase of the technical assistance on development of the Financial Programming (FP) in Azerbaijan. A Microeconomic Group attached to the Azerbaijani Economic Development Ministry was established within the project. The Group is headed by Sevinj Hasanova. The composition of the Group includes representatives of the Economy Development and Finance Ministries and State Oil Fund.
The assessments in Azerbaijan were very. Authorities in Azerbaijan are showing strong commitment and enthusiasm for FP. Due to the program, they are increasingly capable of analyzing basic macroeconomic developments and providing their own independent policy recommendations.
Results of the program have been very promising, said Safarova.
The implementation of the program, specially concentrated for the financial programming, began at the end 2007, and it completes in December 2008. Technical assistance of Seco for the project is 230,000 Swiss francs. The consultant of project is Benedikt Braumann. Consultant lent wide support to local authorities in the interdepartmental coordination, the exchange of data and their the processing, simulation and obtaining of recommendations with respect to policy, using first of all, an approach individual for the country. After the installation of model the assistance in essence will be concentrated on the individual instructing and the regular support.
Program was focused in Azerbaijan. In contrast to the standard courses of the IMF (International Monetary Fund),
SECO expert uses an approach separate for each country, in particular,
concerning the installation of simulation. According to Safarova, the project
led to the very encouraging results. Operating models of financial programming
were created, as a result of which recipient can analyze the basic
macroeconomic tendencies and allow to recommendation with respect to policy.
The Task Group directly reports before its head, allowing political analysis and recommendations, and final document about the macroeconomic situation in the country with the measures it is presented to the President.
The model of the calculations
of financial programming increasingly more frequently is taken into
consideration within the framework of discussions in the Task Group.
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