MP: Int'l experience must used to improve in Azerbaijan
Azerbaijan, Baku, June 8 / Trend A.Akhundov /
International experience should be used to improve the assessment activities in Azerbaijan, Azerbaijani Parliamentary Economic Policy Committee Chairman Ziyad Samadzade said at an international conference today.
"An objective assessment is difficult under a free market economy. The effective valuation of the property is a serious problem in Azerbaijan and there is a need to use an international experience to address it," Samadzade said.
He said an incorrect assessment may cause social tension and appearance of a false understanding of the economic situation.
"We should create an effective regulatory framework for the assessment activities to implement international standards," Samadzade said.
Parliament will continue to discuss the draft amendments to the law "On assessment activity" at the plenary hearing on June 9.
Moreover, Samadzade said one of the tasks in developing a bill "On compulsory types of insurance" is a correct assessment of property and damage.
The bill "On compulsory types of insurance" will be discussed in the third reading in late June.
The "Regulation of assessment activity. The modern international experience" conference is organized by the International Finance Corporation (IFC) and the Azerbaijani Appraisers Society.
IFC representative Victor Mintz said the question of assessment is the principal in Azerbaijan.
"To date, IFC has invested $343 million in Azerbaijan and has provided $104 million through loan syndications. We are participating in the drafting of legislation and standards of assesment activity, and in the process of certification of appraisers," Mintz said.
He said mortgage lending will not be developed until an effective assessment system established.