SECO allots $600m for development of securities market in Azerbaijan

The new regional Swiss technical assistance and capacity building project on promotion of domestic debt management and Government Securities Market Development has been approved by the Swiss State Secretariat for Economic Affairs. The project will be funded by SECO in the amount of 2m USD and will be implemented by the Office of Technical Management of the International Monetary Fund (IMF), SECO told Trend.

The Project is considered for three years and targeted on the Azerbaijan Republic, Kyrgyz Republic and Tajikistan, all members of the Swiss Constituency Group in the Bretton-Woods Institutions. 30% of the project amount will be assigned for the Azerbaijan Republic

The project builds upon the capacity built and the lessons learned from the previous project on external debt management and extends its scope further to developing the framework conditions for government securities market in the beneficiary countries. The project will cover a range of objectives which will be adapted to the relevance and stage of development of each country.

In the Azerbaijan Republic the project targets on strengthening the

coordination between Ministry of Finance and the National Bank of Azerbaijan, improving the liquidity and deepness of government securities market, reviewing the securities legislation and providing an advice on the appropriate legal framework, making the existing government securities marketable, preparing the NBA on the opportunities and challenges of conducting monetary policies as the financial markets develop.

These objectives had been prescribed in the Presidential Decree dated May 31, 2005 on Anti-Inflation Measures as priorities and instructing the NBA, MOF and Securities Committee to undertake appropriate measures in order to develop the securities market.

The Project will improve general fiscal and monetary policy conditions and instruments; develop the securities market, serving as an absorption tool to attract the excess aggregate money mass; and increase the efficiency of monetary policy that aims at containing inflation.

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