Azerbaijan, Baku, Sept. 26 / corr Trend N. Ismayilova /
The Azerbaijani Central Bank (CB) and the U.S. Agency for International Development (USAID) have extended the implementation term of the programs on support to stability of the financial sector, the USAID Country Coordinator, Scott Tailor, said.
The program had had to be completed by late September. However, after discussions with the CB, it was decided to continue it for Azerbaijan, so its second phase covering another 15 months - from Oct. 1, 2009 to late December, 2010, will be implemented," Tailor said.
The USAID allocated $4 million of the total cost of the program to implement the first phase, and the CB - $750,000. The USAID will allocate $2.2 million for the realization of the second phase and the bank - $500,000.
"The project will cover all sectors of the Azerbaijani economy, but the CB will determine the spheres for the most direct and rapid impact," Tailor added.
The program aims at strengthening the monetary policy, banking sector and strengthening of information technology, as well as better management of cash.
The main objective of the program is further strengthening of risk management, human resource management and information technology, and improving the CB capacity of macro-financial analysis.
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