Weekly actual topics in Azerbaijan (Nov. 21-25)

WB continues help to macroeconomic stability in Azerbaijan

The World Bank continues work with Azerbaijan’s government to stabilize the macroeconomic situation in the country, Hans Timmer, WB chief economist for Europe and Central Asia, told reporters in Baku during a video conference from Bucharest, Romania.

He said the WB also cooperates with Azerbaijan towards stabilization of the situation in the country’s financial market, preparation of a medium-term fiscal framework and in other spheres.

Timmer recommends Azerbaijan’s government to be more attentive to the sensitive strata of the population when carrying out reforms to ensure macroeconomic stability in the country.

At the same time, the WB offers Azerbaijan five major recommendations, the first of which is to change monetary policy, switch to a flexible currency exchange rate, which has already been done, and to find a balance in this policy, Timmer said.

The second recommendation is to stabilize the financial sector, including the banking sector, and this is considered important not only for Azerbaijan, but also for other oil exporting countries, he noted.

The third recommendation is a stable medium-term budgeting with achieving a balance between oil and non-oil revenues, Timmer said.

The fourth recommendation provides for transparent and fair distribution of income, so that the main burden as a result of reducing the national income doesn’t affect the most sensitive strata of Azerbaijan’s population, he added.

The fifth recommendation involves the creation of new jobs, reforms to improve competitiveness by increasing business access to finance, he noted.

Latest updates on North-South Transport Corridor

Iran, Azerbaijan, Russia and India have agreed to officially start using a multiple mode of transportation to carry cargoes from India to Russia over the next one month as part of the North-South Transport Corridor, a senior official with Islamic Republic of Iran railways told Trend.

Deputy Head of the Islamic Republic of Iran Railway Company for Operation Affairs Hossein Ashoori has said that cargoes from India will be shipped to an Iranian southern port and then will be delivered to Russia through Iran and Azerbaijan using trains and trucks.

Elaborating on the decision, he said the participants put a train into test in the mentioned route carrying a cargo from India to Russia through Iran and Azerbaijan, about two months ago.

The cargo was shipped from Indian port of Mumbai to Iran’s southern port of Bandar-e Abbas on the Persian Gulf and then carried by rail to Iranian northern city of Qazvin, he said, adding the cargo was later carried by trucks into Azerbaijan’s Astara City, which was eventually delivered to Russia by train.

Ashoori said that the cargo was delivered in 22 days and the sides are capable of reducing the time to below 19 days.

He made the remarks during an interview on the sidelines of the International Rail Business Forum on "Strategic Partnership 1520: The Caspian Region" in Baku.

Construction of Rasht-Astara railway may take five years

It appears that the decision to deliver consignments using the combined transport system came as the ongoing project for connecting Iran’s railway to Azerbaijan has not been completed so far.

In order to complete the North-South Transport Corridor, Iran is expected to construct two inland railroad sections in northern parts of the country, Qazvin-Rasht (175 kilometers) as well as Rasht-Astara (162 kilometers) railways.

In the meantime, Azerbaijan has launched a project to extend its railway into Iran’s territory through the border city of Astara which is in its final stages and is projected to come on stream in near future.

The Qazvin-Rasht section is also expected to be completed over the next seven months, the official said.

Hossein Ashoori, however, forecasted that Rasht-Astara segment will take about five years to be completed.

The Iranian official noted that Iran is committed to carry cargos via available routes until the country completes the construction of the railway sections.

Subscribe to Trend in Google News! Subscribe
When Karabakh road infrastructure to be fully ready?
When Karabakh road infrastructure to be fully ready?
Azerbaijan’s cargo transportation by all types of transport decreases in 9M2021
Azerbaijan’s cargo transportation by all types of transport decreases in 9M2021
Progress on CAREC transport projects in Kazakhstan unveiled
Progress on CAREC transport projects in Kazakhstan unveiled
Loading Bars
Azerbaijan reveals number of mines, munitions found on its liberated lands (PHOTO)
Overview of Uzbekistan's retail trade turnover dynamics between 2010-2020
When Karabakh road infrastructure to be fully ready?
Armenians propagate Nazi Nzhdeh and accuse Azerbaijan of racism (VIDEO)
Relations With India Stronger Than Ever, Says Maldives Defence Minister
Bennett-Putin meeting lasted five hours, was warm and positive
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,112 more COVID-19 cases, 882 recoveries
Australia says EU has postponed free trade talks for second time
Azerbaijan’s volume of non-cash payments continues to grow
Delta Galil files for Nasdaq offering
Azerbaijan's investment attractiveness increased after liberation of its lands - minister (PHOTO)
Turkmenistan reduces wheat imports from EAEU states
Azerbaijan’s wheat imports from EAEU countries revealed
Belarusian company to supply Azerbaijan with cables
Azerbaijan sees growth in its population's bank deposits in September 2021
Azerbaijan commissions recently built military facilities in its liberated lands (PHOTO/VIDEO)
Non-tourist trips to Georgia plummet
Kazakh Tengizсhevroil to reduce LPG supplies to Ukraine after polypropylene plant's launch
Iran to use domestic capacity for road fleet modernization
Azercell once again bestowed with ISO 37001:2016 Anti-bribery Management Systems standard of compliance
Azerbaijan reveals data on mine clearance work carried out in liberated lands
Azerbaijan’s cargo transportation by all types of transport decreases in 9M2021
Ukrainian companies interested in entering Turkmen market
EBRD, EU to provide loans for indirect financing of green technologies in Georgia
SOCAR-AQS exceeds drilling progress plan
President Ilham Aliyev sends congratulatory letter to Hungarian counterpart
Azerbaijan to expand co-op with Turkey in mine clearance – ANAMA
Uzbekistan signs agreement to put out former uranium mining sites
Iran eyes developing non-oil exports
India hopes to work with China for resolution of issues: Shringla
Azerbaijan’s Bulla Deniz produces over 54,000 tons of oil with technical measures
UK foreign secretary begins India visit today, to hold talks with Jaishankar
Uzbekistan to expand network of local duty-free shops
Azerbaijani SME agency ready to fully support alternative energy dev't
SOCAR sums up results of operation at Oil Rocks
Turkmenistan overhauling railways on border of Akhal, Balkan regions
SOCAR reveals time of commissioning 2nd production complex at Gunahsli field
Uzbek, Russian enterprises considering joint textile enterprises
Azerbaijan to start exporting locally-produced mineral water to Europe (PHOTO)
Azerbaijan not planning to transfer all schools online - ministries
SOCAR details on works carried out at Heydar Aliyev Oil Refinery in 2020
Progress on CAREC transport projects in Kazakhstan unveiled
Russia reports 37,141 COVID-19 cases in past 24 hours
Natural gas, coal prices to remain at high levels through start of 2022
FAO's representative office may be opened in Turkmenistan
Kazakhstan's main gas supplier to engage repair services via tender
Oil demand to reach its pre-pandemic level in 2022
Regional carrier SkyWest cancels 700 U.S. flights over technical woes
Georgian energy reform to create competitive market
Turkmenistan, UN talk co-op in food security
Turkmenistan, EU to intensify co-op in number of areas
Turkic states need to jointly fight disinformation campaigns - Azerbaijani president's assistant
Kazakhstan boosts monetary base indicators
Azerbaijan exceeds commitment under OPEC+ deal
Kazakhstan's TOP-3 trade partners for 8M2021 announced
Pushed by ‘Covid growth drivers’, India on course to be $5 tn economy by 2024-25, says Puri
BCCI could earn up to $5 billion from IPL broadcasting rights
Chip crunch to cut Renault's 2021 output by 500,000 cars
2020 became particularly significant year for Azerbaijani people - president's assistant
Azerbaijani oil prices fall
President Ilham Aliyev, First Lady Mehriban Aliyeva and their daughter Leyla Aliyeva attend inauguration of DOST Center for Inclusive Development and Creativity (PHOTO)
Kazakh energy company opens tender to buy bitumen
Uzbekistan Airports JSC cuts tariffs for foreign airlines
President Ilham Aliyev, First Lady Mehriban Aliyeva and their daughter Leyla Aliyeva view conditions created at new rehearsal building of National Gymnastics Arena (PHOTO)
Equinor, SOCAR mull opportunities for exploration at ADUA
Uzbekistan’s Jizzakh Automobile Plant eyes increasing production capacity
Kazakhstan reports increase in product transport via pipelines
Kazakh energy company opens tender to buy electrical goods
In 44-day war in Karabakh, we witnessed two-faced behavior of int’l media – Erdogan
Azerbaijan's main goal after victory is restoration of Karabakh - president's assistant
Creation of green zones in Azerbaijan’s liberated territories - part of UN program to combat global climate change – Deputy Minister
Chambers of Commerce of Turkmenistan and Switzerland hold business forum
Gas prices to ease, but to remain elevated in Europe
Georgia shares data on COVID-19 cases for October 22
Turkmenistan to organize Business French language training for female entrepreneurs
JICA to issue report on Study for Electric Power System in Azerbaijan next year
Japanese companies to invest in Georgian energy sector
Kazakhstan introduces electronic customs escort of vehicles during goods transit
Azerbaijan, UN sign MoU to promote corporate sustainability
Azerbaijani Finance Ministry to put medium-term gov't bonds up for auction
Azerbaijan reveals state budget revenues for 9M2021
Azerbaijan's consolidated budget revenues increase
Expenditures of Azerbaijan's state budget for 9M2021 revealed
U.S. drops tariff threat in digital tax transition deal with European countries
Sputnik V contributes to one bln coronavirus vaccinations in India
Israel to readmit COVID-vaccinated foreign tourists next month
Oil prices drop; Brent on track for first weekly dip in seven
Higher oil, natural gas prices to see some demand destruction
IsDB Institute Wins Again ‘Best Islamic Research Firm’ Award
1,742 more COVID-19 cases reported in Kazakhstan
Biden says does not want cold war with China
Chamber of Commerce head talks Iran's trade, tourism ties with Oman (Exclusive)
NATO ministers agree on defense plan, investment in innovation
Biden climate envoy Kerry to visit Saudi Arabia next week
Israel adds 5 cases of COVID-19 Delta variant "AY4.2"
Prop gun misfire kills woman on set of Alec Baldwin movie
EU leaders call for stepping up work on mutual recognition of vaccine certificates
Toronto says police not vaccinated by Nov 30 will be put on unpaid leave
British Queen cancels trip to spend night in hospital
All news