Azerbaijan intends to improve mechanism governing oil and gas revenue usage

Azerbaijan, Baku, Dec.13 /Trend's A. Akhundov/

These regulations mainly concern conservation, macroeconomic stability, the improvement of the business environment, ensuring free competition, creating of an enabling environment for local and foreign investors, the improvement of the structure of the economy, the implementation of investment and large-scale infrastructure projects, the effective organization of social protections for the population during the end of the transition period and during the formation of a mature market economy in Azerbaijan.

This is stated in the draft concept of Azerbaijan - 2020: A look into the future.

"The achievement of socio-economic goals can be seen in the results of work towards an effective economic system with sufficient global competitiveness. Historical and contemporary experience shows that such a system can only exist in a market economy based on entrepreneurial initiative and free competition," the draft said.

At the same time, the provision of high rates of growth in the economic and social spheres will require substantial improvements to state regulations, partially because of recent global economic trends.

Macroeconomic policy coordination will be strengthened, optimal macro and fiscal frames will be formed and given financial stability, and adequate monetary policy will be made. The first phase of the policy envisages the full effect of inflation and other macroeconomic objectives as well as the creation of associated management tools. The second stage ensures stability in the financial sector, and the activity and risk management instruments in it. Special attention will be paid to complementing the financial needs of the economy; institutional frameworks for monetary management will be improved.

Special attention will be given to fiscal discipline in the formation and use of budgetary resources, the proper distribution of resources and the improvement of spending efficiency. Flexible estimations on different budget estimate risks (external, financial, operational risk, removal, etc.) will be carried out.

"In order to ensure further increase in competitiveness of the economic system, gradual transition from a passive to an active fiscal policy will be carried out, the measures taken to optimize the tax rates will create a favorable environment for business. The mechanism of using oil and gas revenues will be improved, and a strategy will be implemented to gradually replace revenues from the sale of hydrocarbons by income from the invested funds, and the ongoing work carried out in this area will be intensified, " the draft says.

A more flexible exchange rate policy will be carried out, surplus on net international investment position will be preserved as a separate important requirement for improving the country's solvency and focus of the economy on export. Measures will be continued to further improve the business environment, and mechanisms for protection of investor rights. Also implementation of measures is planned to simplify and improve foreign trade procedures, increase public support for entrepreneurs to enter international markets.

Stimulus measures will be implemented to increase the export capacity of small and medium entrepreneurship, the amount of concessional loans provided to entrepreneurs by state will be increased, internationally accepted anti-dumping and other protective measures will be taken to protect the domestic market from unfair competition.

In addition, the measures to optimize tax rates and structure of fees for mandatory state social insurance (often paid by employers and insurers) will contribute to creation of positive business environment. Measures will be continued on creating a fair competitive environment, controlling monopolism in the economy, particularly in the consumer market.

"The work on protection of consumer rights will be strengthened, effective mechanisms will be established for monitoring the quality of products, national standards will be developed for quality control and certification system will be improved. The creation and development of business associations, including professional associations, will be supported, the regular monitoring will be carried out in order to identify and eliminate barriers to business development," the draft says.

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