Central Bank Governor receives WB Regional Director

01-04-2021

31 March 2021, Baku:  Elman Rustamov, the Governor  of the Central Bank met with Sebastian Molineus, the World Bank (WB) Regional Director for the South Caucasus, who is on a visit to Azerbaijan. The meeting was also attended by Sarah Michael, the WB Country Manager for Azerbaijan.

During the meeting, the Governor of the Central Bank E. Rustamov stressed importance of long-term cooperation between our country and the WB in our country’s socio-economic development. He spoke about the current economic situation in the country, including the work done in the financial sector. 2020 was a successful year for our country as a whole, macroeconomic stability was safeguarded and economic decline was minimal.

E.Rustamov noted that President Ilham Aliyev had launched a new generation of reforms in the country and set national priorities for the next 10 years. These reforms are aimed at achieving purposeful and specific strategic goals, building a sustainable and growing competitive economy, a society based on inclusive and social justice, creating a competitive human capital and modern innovation space and transforming Azerbaijan into a clean environment and ‘green growth’ country. Cooperation with international organizations, especially with the WB, has always played an important role in reforms in the country; the Governor expressed confidence that the WB, as a strategic partner, will support Azerbaijan in these reforms.

Mr. Molineus, in his turn, noted the high level of cooperation between the WB and Azerbaijan. 2020 was a successful year in terms of the reforms implemented and the fight against threats to the country's economy. Regional cooperation initiatives announced by Azerbaijan after the war further expand development potential of the  economy. Giving information on the status of WB-supported projects in the country, S.Molineus said that the WB would fully support the reforms in the Azerbaijani economy. Elaboration of a new economic development strategy is a very important step and the strategy to be developed on the basis of national priorities set under the leadership of the President will contribute to development of the country's economy. The WB is ready to provide all necessary support in the development of this strategy and carrying out reforms.

The sides also exchanged views on current areas of cooperation between the Central Bank and the WB, projects currently under way in the financial sector with the support of the WB and prospects for further development of cooperation.