WB’s five recommendations for Azerbaijan (UPDATE)
Title changed, details added (first version posted on 13:46)
Baku, Azerbaijan, May 11
By Azad Hasanli – Trend:
Azerbaijan should change its monetary policy, Hans Timmer, WB’s chief economist for Europe and Central Asia, believes.
Recovering the country’s banking sector must be the next action, he said during a video conference in Tbilisi, Georgia May 11 while presenting the latest ECA Economic Update ‘Trade in Transition’.
“It is necessary to make sure that the country’s banking sector remains healthy,” he said. “The greatest challenge in this area is the need to form such a banking sector that will promote the creation of new jobs.”
“Moreover, the recovery of the banking sector must be supported not only through fiscal resources, but also relevant legislation in the field of bank restructuring and resolution,” Timmer added.
“The third important action is to ensure a stable fiscal policy,” he said. “Azerbaijan has already done a great job in this area. However, actions in this direction have been belated.”
Azerbaijan must focus on protecting vulnerable layers of the population and creating new jobs, which are the fourth and fifth actions, he said.
Azerbaijan joined the WB group in 1992.