World Bank to support medium-term budget planning in Azerbaijan

Business Materials 18 May 2019 10:06 (UTC +04:00)

Baku, Azerbaijan, May 18

By Sara Israfilbayova – Trend:

A mission of the World Bank (WB) will visit Baku on May 21-22 to hold a seminar on medium-term budget planning, a source in the local representative office of the bank told Trend.

According to the local representative office, the delegation includes Senior Public Sector Specialist Ian Hawkesworth and senior economists Nadir Ramazanov and Elena Nikulina.

The bank said that it is an independent technical support for promoting the creation of medium-term budget planning mechanisms.

The state budget of Azerbaijan for 2019 was formed on the basis of a new fiscal rule. As expected, the new rule will allow the state to regulate sales of foreign currency earnings from the oil sector in the domestic foreign exchange market within the limits set by the state budget.

Azerbaijan joined the World Bank Group in 1992. Since then, the bank has allocated loans for over 50 projects worth over $3 billion in the country. Seven more projects worth about $1.5 billion are being implemented. In addition to loans, in 1995-2014, the WB allocated 45 grants totaling $41.586 million to Azerbaijan.