Baku Stock Exchange to Hold Consultations with International Financial Institutes on Development of Securities Market in Azerbaijan
Azerbaijan, Baku / corr I.Khalilova / Next week the Baku Stock Exchange (BSEX) will hold consultations with the international financial institutes, including the International Finance Corporation and the International Monetary Fund and investors to define the prospects of development of state securities, Khayal Abdinov, the chairman of Managing Board of BSEX, said.
"For the time being the directions, interests and the demand of the emitter itself - the Finance Ministry and the National Bank of Azerbaijan," Abdinov said. He did not exclude the probability of appearance of long-term securities, and nor only the discount ones. Arrangements for their issue have reached the final stage.
The IMF recommended the Azerbaijan Government to increase the volume of increase of state securities within the framework of anti-inflation measures.
A mission of the International Monetary Fund (IMF) headed by Obert Neavata will begin its visit to Azerbaijan on 10 September to hold a trilateral review of the project on regional technical assistance and expansion of opportunities within the framework of improvement of public debts management and development of public securities market. The mission will also include the regional coordinator of the project, Werner Ricky, and an employee of the IMF, Andrea Siviera.
Under the project it is planned to strengthen in Azerbaijan the relations between the Finance Ministry and the National Bank, expand the turnover and coverage of the securities market, to review the legislation in the field of securities and ensure the recommendations. The project targets ensuring the competitiveness of the securities market.
Regional project of the IMF is implemented with technical assistance of the Swiss State Secretariat for Economic Affairs (Seco). The cost of the project makes up $2mln, term of implementation - three years.
The project was designed on the base of the experience gained from the previous project on public debts management. It will expand activities in beneficiary countries via support to development of public securities market. The project is implementation by the IMF Technical Department and is designed for Azerbaijan, Kyrgyzstan and Tajikistan. Azerbaijan will receive 30% of the total technical aid.