WB completes preparation of initial version of economic memorandum on Azerbaijan
Azerbaijan, Baku, September 4 / Trend , N.Ismayilova /
The preliminary version of the draft economic memorandum of the World Bank (WB) for Azerbaijan, which will assess the economic situation in the country in different directions, is expected to be completed in September, WB Baku office said on September 4.
"WB mission, headed by chief economist for Azerbaijan Christos Kotsiopoulos, will visit Baku from September 14 to finalize the document," the same source said.
During the July visit, the WB mission and government of Azerbaijan discussed the comments that have been provided by the government agencies on the initial version of the draft economic memorandum presented to them earlier.
Another goal of his visit to the country is to get prepared for a global forum on post-crisis development, which will take place this autumn, with organizational support from the World Bank and the government.
Gregory Jedrzejczak, the head of the WB Baku office, said earlier that this event will discuss the place of Azerbaijan in the global economy after the global financial crisis in a long term outlook. The event will bring together well-known economists, Nobel laureates, prime ministers of different countries. The conference is expected to be held in October.
In order to continue sustainable economic development, Azerbaijan must take strategic steps to replace the oil dependence of the country with other sectors, said Jedrzejczak.
According to him, to ensure stable economic development of Azerbaijan, there are four main components: the economic and social development requires creation of a mechanism for macroeconomic management, adequate infrastructure (by attracting domestic and foreign investment), as well as appropriate human capital and creating business-climate (it facilitates the flow of foreign investment) is necessary for the successful diversification of the economy.
Do you have feedback? Contact our journalist at: [email protected]