WB starts to discuss financial sector development prospects of Azerbaijan
Baku, Azerbaijan, Nov.14
By Azad Hasanli - Trend:
Mission of the World Bank (WB), headed by a coordinator for the development of the private and financial sectors Angela Prigozhina begins its visit to Baku since November 16 in order to discuss the future development of the financial sector in Azerbaijan, Baku office of WB told Trend.
"Mission in Baku will discuss the situation in the financial sector of the country and the prospects for cooperation in this area," said the bank's office.
The visit, which will continue until Nov.21, envisages meetings with representatives of the Central Bank and other financial institutions of the country.
World Bank, together with the International Monetary Fund (IMF) plans to hold a second Azerbaijani financial sector assessment, which will begin in March 2015 and end in early June 2015.
Earlier, an advisor of the Department on the Middle East and Central Asia of the IMF Raja Al Marzugi reported that the mission of the fund will arrive in Baku November 24 for preparation of the evaluation.
The first assessment was conducted in 2003. After this evaluation the laws "On Banks", "On the National Bank", the set of regulations were adopted. The second evaluation will cover all financial transactions in the country.
Azerbaijan has been a member of the World Bank since 1992. The sum of the loan agreements signed between Azerbaijan and the WB is more than $4 billion.
IMF office has been opened in Baku since 1992, and despite the fact that its staff has been reduced since 2009, the IMF remains an important partner of the government of Azerbaijan. It should be noted that the cooperation with the IMF played an important role during the global economic and financial crisis.