WB to help Azerbaijan turn into country with high income
Azerbaijan, Baku, Oct. 21 / Trend I.Khalilova /
World Bank (WB) is ready to support the Azerbaijani government in transition from the country with middle-income to higher levels under the realization of a new model of economic development, Managing Director of the World Bank Ngozi Okonjo-Iweala said at the forum on long-term economic development of Azerbaijan in Baku on Oct.21.
"We are glad with high growth rate of Azerbaijani economy even on conditions of the global financial crisis, when economy of several foreign countries has not come out of stagnation, and capital in possession plays considerable part in it, Okonjo-Iweala said.
The Azerbaijani leadership's important decisions taken on the realization of such ambitious projects as the construction of the Baku-Tbilisi-Ceyhan oil export pipeline have created a good basis for the country's future economic development due to high oil revenues, the managing director added.
"It is noteworthy that in the new development model, Azerbaijan intends to devote attention to improving financial control, fiscal and social policies and creation of conditions for growth in a globalizing world economy," she said.
According to Okonjo-Iweala, it is very important to follow in the future course of development of the country's non-oil sector, diversification and integration into the global economy because the peak level of oil production have already been reached.
"It is also necessary to achieve balanced development between regions and large cities, to continue attracting foreign investments, reforms to improve corporate management system, licensing, tax and customs policy," Okonjo-Iweala said.
WB could invite experts to Azerbaijan for consultations to achieve higher economic growth rate and during the interactive discussions at today's [Oct. 21] forum it is possible to define further tasks.
"Assisting each other the WB and Azerbaijan can achieve goals set for them and Azerbaijan will remain our partner with special privileges," she said.