Last week review (Mar. 16-20)

Analysis Materials 27 March 2015 10:31 (UTC +04:00)

March 16

Azerbaijani president receives Qatar's transport minister

President of the Republic of Azerbaijan Ilham Aliyev received Minister of Transport of the State of Qatar Jassim Saif Ahmed Al Sulaiti.

President Ilham Aliyev said there are good opportunities for the development of cooperation between Azerbaijan and Qatar in the transport sector, and stressed the importance of determining prospects and strengthening joint efforts in this field.

March 17

"Airbag" allows Azerbaijan to overcome instability in region - EBRD

The total amount of assets of the Central Bank and the State Oil Fund of Azerbaijan exceeds 60 percent of the country's GDP, which creates the so-called safety cushion that makes it possible to overcome the turbulence in the region, EBRD chief economist Dmitry Gvindadze said while taking part in the work of the Azerbaijan Investment Forum.

"Due to the fall in oil prices and the political situation [Ukrainian conflict], the state in the region is rather complicated," he said. "Geopolitical risks have increased, which affects many countries, including Azerbaijan."

He said that the EBRD expects positive economic growth at 1.5 percent of GDP in Azerbaijan. He went on to add that zero growth is expected in many countries of the region.

Azerbaijani president meets BP chief executive officer in Kars

President of the Republic of Azerbaijan Ilham Aliyev met with Chief Executive Officer of BP Robert Dudley in Kars. The parties expressed satisfaction with the successful cooperation between Azerbaijan and BP, as well as joint fruitful activity to develop Shah Deniz gas field.

The sides exchanged views on current state and prospects of cooperation between Azerbaijan and BP.

March 19

Jahangir Hajiyev resigns from post of chairman of International Bank of Azerbaijan

The chairman of International Bank of Azerbaijan (IBAR) Jahangir Hajiyev resigned from his post due to health related issues. The IBAR Supervisory Board granted Hajiyev's request during the March 18 meeting, a source in IBAR said.

First deputy chairman Emil Mustafayev was appointed as a temporary chairman.

Jahangir Hajiyev held the post of the chairman from March 2001.