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Presentation of ADB Project on Macro-economic Modelling in Azerbaijan was held

Business Materials 16 August 2006 15:40 (UTC +04:00)

On august 16, the project of Asian Development Bank (ADB) on working out of macro-economic models for Azerbaijan began. In relation to this, training started at the Center of Economic Reforms under the Economic Development Ministry of Azerbaijan. The training will bring together the representatives of the ministries of Economic Development, Finance, as well as Azerbaijan National Bank, State Fund for Social Protection of Population and State Oil Fund. The 2-year project is realized through the ADB grant totalling $600. Within the technical assistance of ADB, the consultants, Belgian Company ECOMOD Network and London Business University, have been involved in conducting the training.

Macro-economic modelling training which started from August 16 is held by the president of ECOMOD Network Ali Bayar. They will last until August 20. Economic policy training will be organized from 11 to 15 September, and the delegation from London Business University headed by the Director of African Researches Department John Uikis will arrive in Baku to hold the training.

Among the CIS countries, ECOMOD Network has already provided consultations in creating macro-economic models in Russia, Ukraine and Kazakhstan. The primary goal of the consultation is to assist Azerbaijan in creating acceptable macro-

economic models Bayar told Trend. According to him, the first variant will be developed by the end of 2006. Within the conditions of Azerbaijani economy, Bayar offers econometric models and model of scientific balance. Although today Azerbaijan uses Revised Minimum Standard Model Extended and Financial Planning Model, it is required to apply new technologies in the present conditions.

According to Bayar, one model may not be available for all purposes because each organization may have a specific model. Therefore, it needs to create technological platform with the base of models and modules which allow interacting in indissoluble chain and operatively react to all economical changes (inflation growth, oil prices, change of tax duties, etc.). According to Bayar, the government itself should define what state body will take the central role for regulating market management.

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