WB talks priority tasks to stabilize Azerbaijan’s financial market
Baku, Azerbaijan, June 30
By Anvar Mammadov – Trend:
The World Bank is ready to provide the Azerbaijan Deposit Insurance Fund (ADIF) with technical assistance for reforming the ADIF’s activity, Angela Prygozhyna, the WB senior financial sector specialist, told Trend.
The WB has prepared recommendations for ADIF and is ready to provide technical assistance for their implementation, including when preparing amendments to legislative acts, she noted.
Such reforms were carried out in the majority of European countries and on other continents after the global financial crisis of 2007-2008, she added.
“Russia, Ukraine, Belarus and other countries of the region have adopted new legislation to strengthen financial stability, enhance the powers and quality of supervision over financial markets, reform the activity of deposit guarantee funds and minimize the impact of the crisis on the economy and people’s lives by quickly removing insolvent financial institutions from the market with minimal costs,” Prygozhyna said.
These tasks are the priority for stabilization of the financial market, resumption of economic growth and preservation of the quality of life of the population, she noted.
“The WB, within the Financial Sector Modernization Project for Azerbaijan and considering the large-scale, multinational and unique international experience, supports the Azerbaijani authorities in fulfilling these important tasks and provides the necessary analytical support, expert and technical assistance, exchange of knowledge and good practice,” Prygozhyna said.