Azerbaijan’s Minister of Finance, Sahil Babayev, received a visiting delegation of the World Bank headed by Asad Alam, Regional Director for Equitable Growth, Finance, and Institutions in Europe and Central Asia.
According to the Ministry of Finance, the meeting focused on expanding cooperation between Azerbaijan and the World Bank, public finance management, fiscal policy, and new areas of potential partnership.
Sahil Babayev emphasized that Azerbaijan attaches great importance to its partnership with the World Bank. Since joining the organization, the Bank’s financial support, technical expertise, and policy recommendations have made a significant contribution to the country’s development in infrastructure, education, healthcare, public administration, as well as energy, transport, social services, and macroeconomic stability.
Particular attention was given to the implementation of the project “Strengthening the Capacity for Medium-Term Budget Framework in Azerbaijan,” carried out by the World Bank with financial support from the Swiss State Secretariat for Economic Affairs (SECO).
The parties discussed the Ministry of Finance’s proposals concerning public finance review, the introduction of digital solutions, assessment of information systems, and enhancement of institutional capacity.
It was noted that the World Bank mission will conduct a diagnostic analysis of the Ministry’s digital solutions to identify gaps and determine development directions for a Unified Public Finance Management Information System.
Asad Alam commended the Azerbaijani government’s efforts to improve financial management and noted that the project’s implementation will significantly enhance the efficiency and sustainability of the country’s fiscal policy.
Both sides expressed confidence in the further strengthening of the partnership between Azerbaijan and the World Bank and discussed a number of other issues of mutual interest.
