Central Bank Governor holds video meeting with Ms Anna Byerde World Bank Vice President for Europe and Central Asia

22-04-2021

21 April 2021, Baku: A video meeting was held between Ms Anna Byerde, World Bank Vice President for Europe and Central Asia and Elman Rustamov, Governor of the Central Bank.

During the meeting, the Governor of the Central Bank E. Rustamov stressed the importance of long-term strategic cooperation between our country and the WB in the socio-economic development of our country. Then, speaking about the economic situation in the country, as well as the work done in the financial sector, he said that in 2020, Azerbaijan, like all countries, faced difficult challenges. Despite the processes in global markets, volatility in oil prices and the difficulties caused by the pandemic, last year was successful for our country as a whole. As a result of the reforms implemented under the leadership of President Ilham Aliyev, macroeconomic and financial stability was safeguarded in the country.

A new generation of reforms has been kicked-off and the national priorities set for upcoming 10 years have opened new directions for cooperation between the WB and the Republic of Azerbaijan. These reforms are purposeful and aimed at achieving specific strategic goals. Cooperation with international organizations, especially with the WB, has always played an important role in the implementation of reforms, and confidence was expressed that the WB, as a strategic partner, will continue to support Azerbaijan in implementing reforms.

In her turn, Ms. Byerde expressed satisfaction with the high level cooperation between the WB and Azerbaijan. She noted that 2020 successfully completed in terms of reforms and combating threats to the country's economy. The new economic strategy, to be developed under the leadership of the President on the basis of national priorities, will contribute to the development of the country economy. At present, the most important area of cooperation for the WB is to provide necessary support for the formation of a new strategy and the implementation of large-scale reforms. The directions defined in the strategy will be taken as a basis for the formation of the WB Country Partnership Framework. The WB will contribute to development of the financial sector in Azerbaijan within the framework of the Financial Sector Assessment and Financial Sector Modernization projects. At the same time, she expressed readiness to provide necessary support to our country, including the Central Bank, in connection with the digital transformation.

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