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SECO stands ready to support second phase of reforms in securities market in Azerbaijan

Business Materials 17 July 2010 14:17 (UTC +04:00)

Azerbaijan, Baku, July 17 /Trend, I.Khalilova/

Swiss State Secretariat for Economic Affairs (SECO) has started consultations with the State Securities Committee (SSC) of Azerbaijan for the second phase of the project on securities market development in Central Asia and Azerbaijan, the head of the national program of the Swiss Cooperation Office for the South Caucasus Naila Safarova said. Experts of the State Secretariat are on visit to Baku for this purpose.  
"The directions to facilitate the development of the securities market in the country are specified to start the second phase of the project with SSC," said Safarova.

The first phase of the project envisages the development of primary and secondary market of government securities. The Regional Government Securities Market Development Project is intended for three years - from 2006 to 2008. The total project budget amounted to $1,917,384. The main goals of the project are to develop budgetary and monetary policies through coordination between the Ministry of Finance and Central Bank, technical assistance to improve the securities market, review its legislation in this area and advise on the establishment of appropriate legal frameworks, create conditions and possibilities for the Central Bank to guide monetary policy.

The project is implemented by the International Monetary Fund, with financial support from SECO, and with the support of the Ministry of Finance and the Central Bank.

Operating in Azerbaijan the Swiss Cooperation Office for the South Caucasus represents two organizations - Swiss Agency for Development and Cooperation (SDC), which, in turn, is part of the Swiss Foreign Ministry and the State Secretariat for Economic Affairs (SECO), which is part of the Ministry of Economy of Switzerland. The office was opened in Azerbaijan in 2002 to assist Azerbaijan in implementing economic reforms. This assistance focuses on the implementation of infrastructure projects, projects to support the development of the financial sector, promote private sector development, support the Government of Azerbaijan to conduct macroeconomic policy.

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