Minister of Economic Development: IDB annual meeting in Baku coincides with beginning of recovery of world economy after crisis
Azerbaijan, Baku, June 23 / Trend I. Khalilova /
Sustainable economic development to increase living standards and implement a well-balanced economic policy, based on strong scientific basis allowed Azerbaijan to make a breakthrough in the development last year and become the leading country in the region, Azerbaijani Minister of Economic Development Shahin Mustafayev said at the 35-th annual meeting of the IDB Board of Governors.
"The achievements of [Azerbaijan] as a result of [economic] policy are appreciated by international organizations, minister said. Azerbaijan has advanced 18 points on the Global Competitiveness Report, taking the 51-st place among 133 countries and ranked first among the CIS countries.
He said that the World Bank announced Azerbaijan a major country which gives effect to the reforms in its report Doing Business. In 2010, the republic continues to maintain that position, minister said.
Even in terms of intensifying of global financial crisis in 2009, GDP increased by 9.3 percent. Despite signs of stagnation in world trade, the surplus of foreign trade turnover amounted to $8.6 billion. Today, the country's strategic reserves amount to $23 billion, surpassing the country's external debt at six times. At the same time, revenues increased by 6.7 percent, the average monthly salary - 8,6 percent.
"Thus, the negative impact of the crisis on the economy of Azerbaijan has been completely neutralized," minister said.
He considers remarkable to hold annual meeting in the recovery period of the world economy, after the negative impact of the global crisis on the socio-economic development at the global level.
"Despite the impact of the crisis in some IDB member-countries, in general, economic stability has been preserved there, minister said. The Islamic Development Bank over the years served to maintain sustainable development in member-countries and improve the status of the population, as well as put forward various initiatives depending on the conditions.
One of these initiatives is the adopted Jeddah Declaration, which provides resources for the development of countries.
"Basing on the contribution of the IDB in the economic development of member-countries, we hope that next years the bank will effectively serve the countries and continue to help them," Mustafayev said.
The bank carries out institutional reforms for quality of service.
Now the changes entered the second stage.
"I hope that the renovation of the organizational structure of the bank will allow it turning into a world-class organization," minister said.