Elman Rustamov, CBA Governor speaks about Karabakh conflict at IMF meeting

22-10-2020

21 October 2020, Baku: Elman Rustamov, Governor of the Central Bank, participated in video conference of the International Monetary Fund with the participation of central bank governors of the Caucasus and Central Asia.

The meeting was dedicated to exchange of opinions on challenges in the global financial system during the pandemic, safeguarding financial stability and support for economic recovery, and supportive policies pursued in the financial sector.

Speaking at the meeting, E. Rustamov said that this year all countries of the world were exposed to a combination of unprecedented shocks. The pandemic has affected the Azerbaijani economy too, which is closely integrated to the world economy. However, the macroeconomic management platform established in previous years, financial buffers, and our crisis management experience gained over many years limited the channels of impact of these shocks on the economy and the financial sector. As a result of preventive anti-crisis measures, macroeconomic stability was maintained and a deeper recession was avoided.

Rustamov informed the participants on next military agression of Armenia against Azerbaijan starting from 27 September. As a result of attacks of the Armenian armed forces many civilians have been killed in a number of cities, villages and other residential areas, houses, schools, hospitals and other infrastructure have been destroyed. Successful counter-offensive operations carried out by the Azerbaijani Army in response to the provocations by the Armenian armed forces, a number of our occupied cities, villages and important heights have been liberated. Fighting continues to ensure the territorial integrity of Azerbaijan. He said that to achieve lasting peace, the norms and principles of the international law must be observed, UN Security Council resolutions must be implemented and Armenia must immediately and unconditionally withdraw its occupying forces from the Azerbaijani territory, and the territorial integrity of our country must be ensured.

E.Rustamov told that the macroeconomic policy, including financial stability will be oriented towards new challenges faced by the national economy during the post-pandemic period, and underpin recovery of economic growth by boosting financial sector stability and inclusiveness.

In conclusion, discussions highlighted importance of mutual cooperation to reduce negative effects of the pandemic and accelerate the recovery process in the economy during the post-pandemic. Cooperation with the IMF and the World Bank under the Financial Sector Assessment Program will continue to conduct a comprehensive and in-depth diagnosis to strengthen the role of the financial sector in a qualitatively new economic growth.