Azerbaijan invites WB and IMF to conduct joint researches in economy (PHOTO)

Azerbaijan invites WB and IMF to conduct joint researches in economy (PHOTO)

Azerbaijan, Baku, March 17 /Trend, N.Ismayilova/

As part of Days of Azerbaijan conducted at the Washington headquarters of the World Bank (WB), the Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov met with WB President Robert Zoellick and chief economist of the International Monetary Fund (IMF) Olivier Blanchard to discuss prospects for cooperation, the CBA reported on Thursday.

The meeting with Zoellick discussed the history of development of cooperation between Azerbaijan and the WB, achievements as a result of this cooperation and prospects for cooperation, as well as various aspects of the new economic development strategy. Rustamov mentioned the WB support in forming a market economy in Azerbaijan, laying the foundations for economic growth, reducing poverty, creating a modern infrastructure, improving macroeconomic management, health care reforms, financial sector development in Azerbaijan.
As noted at the meeting, Azerbaijan is one of the leading countries in Europe and Central Asia in terms of the current portfolio. During the meeting, there was also mentioned the need for mutual intellectual exchange as the direction of a new strategic partnership. WB is now actively working on the project of reforming the education system in Azerbaijan, which is a priority for the country.
"We believe that this project should cover all levels of education and be systemic," said Rustamov.
CBA Chairman also met with IMF chief economist Olivier Blanchard, and discussed the current state of cooperation between Azerbaijan and the IMF and its prospects. In addition, Rustamov told about the development of the banking sector in the country in 2010, medium-and long-term exchange rate policy of CBA, macro-prudential and supervision activities to ensure financial stability.
Blanchard said conducting the Days of Azerbaijan will give impetus to the development of bilateral relations in the future.
CBA Chairman also met with the WB Executive Director Michel Mordasini and IMF Managing Director Rene Weber. Rustamov said over the last seven years, the economic growth the country rose by three times, and Azerbaijan is one of the world leaders in this regard. He also noted the possibility to conduct joint researches of WB, IMF and the CBA in important spheres of the country's economy. Mordasini and Weber expressed their satisfaction with relations with Azerbaijan, which are at the highest level.
IMF Managing Director stressed the accuracy and success of Azerbaijan's management of oil revenues, as well as extensive experience in this sphere. He said Azerbaijan could share this experience with other countries, particularly with African countries, which would give impetus to their development. The meeting also discussed the work in the private sector development, and it was noted that the continuation of reforms and simplification of procedures may turn Azerbaijan into a leading country in this field. The meeting also covered the future cooperation between the WB and IMF.
Rustamov also met with the WB Director for Operations in Europe and Central Asia Theodore Ahlers, and the WB Director for the South Caucasus region Asad Alam. Alam said the projects to modernize the capital market and the irrigation system in Azerbaijan will be submitted to the WB Board of Directors on April 17.
During the visit, the CBA Chairman also met with Azerbaijani students studying in the U.S., and the Azerbaijani community in the WB and IMF. He said increasing the number of Azerbaijanis in the staff of WB and IMF is essential for an even broader representation of the country.

Rustamov said according to the latest instructions of the President of Azerbaijan Ilham Aliyev, the government began to actively work to strengthen activities to promote free enterprise in the country.

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