BAKU, Azerbaijan, Nov. 29
By Eldar Janashvili – Trend:
European Bank for Reconstruction and Development (EBRD) stressed the positive results of the reforms carried out by the Azerbaijani leadership, Trend reports referring to the EBRD "Transition Report 2019-2020" published in November 2019.
The report included the factors determining the development of the Azerbaijani economy and the predicted positive prospects for the coming period.
The transfer of revenues from hydrocarbon production to other sectors of the economy has recently strengthened the diversification of the economy in Azerbaijan. The private sector has become one of the main priorities for overall development.
The report also highlights tax cuts as a result of the reforms in the financial sector supporting the development of micro, small and medium enterprises.
The recent reforms in the financial sector, sector stability and the positive trends resulting from these reforms have been also indicated in the report.
Thus, a decrease in lending in the country stopped since 2018, while the lending began to grow at nominal rates since the end of the year amid general macroeconomic stabilization and the resumption of economic growth.
A decrease in the dollarization of loans and savings was stressed in the report.
At the same time, the decree signed by President Aliyev on the settlement of problem loans on February 28, 2019, the steps taken to develop the sector in accordance with this decree and the positive results were positively stressed in the report.
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