BAKU, Azerbaijan, October 16. Baku is expected
to host the Global Conference on State-Owned Enterprises in 2027,
according to a press release from Azerbaijan’s Ministry of
Finance.
On October 15, Azerbaijan’s First Deputy Finance Minister Anar
Karimov took part in a meeting of the Constituency Group
represented by Azerbaijan, held on the sidelines of the Annual
Meetings of the International Monetary Fund (IMF) and the World
Bank Group in Bangkok, Thailand.
The meeting was also attended by the Central Bank of Azerbaijan
Governor and World Bank Governor for Azerbaijan, Taleh Kazimov.
Participants discussed the global economic and financial market
situation, as well as measures taken by the IMF and World Bank
Group to reduce poverty and support economic development in
developing countries.
On October 16, Karimov attended the plenary session of the IMF
and World Bank Annual Meetings. The event brought together senior
representatives of government bodies, governments of member
countries, central banks and international financial
institutions.
IMF Managing Director Kristalina Georgieva and World Bank Group
President Ajay Banga delivered reports on the global economic
situation, prospects for global growth and key challenges. Their
remarks also addressed rising global public debt and the need to
ensure debt sustainability, particularly in developing
countries.
On the same day, Karimov met with IMF Deputy Managing Director
Bo Li. They discussed Azerbaijan’s economic situation and
development prospects, trends in key macroeconomic indicators, and
current and future areas of cooperation with the Fund.
Karimov outlined measures taken in Azerbaijan to maintain
macroeconomic stability, diversify the economy and strengthen
fiscal sustainability. He also discussed reforms to improve and
digitize public financial management, develop the non-oil sector,
diversify budget revenues, introduce performance-based budgeting
and strengthen fiscal risk monitoring.
The first deputy minister emphasized the importance of
cooperation with the IMF on public financial management,
medium-term budget planning, fiscal rules and institutional
capacity building. He also highlighted the need to expand the
Fund’s technical assistance to support continued reforms in these
areas.
Li, in turn, shared his views on how slowing global economic
growth and risks in the international economic environment could
affect countries’ development prospects. He positively assessed
Azerbaijan’s progress in economic diversification, increasing
non-oil revenues and strengthening fiscal sustainability, and
expressed the IMF’s readiness to continue supporting the country in
these areas.
The Azerbaijani delegation also met with Antonella Bassani,
World Bank Vice President for Europe and Central Asia, to discuss
ongoing cooperation with the Bank and its future prospects.
Both sides praised the World Bank’s continued support for
Azerbaijan’s development priorities and reform agenda. They noted
that the long-standing partnership makes a significant contribution
to the country’s socioeconomic development and institutional
capacity.
Karimov outlined reforms implemented in Azerbaijan to monitor
state-owned enterprises and analyze their financial statements, and
praised the World Bank’s technical assistance in this area.
The meeting also addressed a preliminary agreement with the
World Bank to hold the next Global Conference on State-Owned
Enterprises in Baku in 2027, with the participation of authorities
responsible for monitoring such enterprises. Preparations for the
event are underway.
During the visit, the delegation also met with representatives
of Bank of America to discuss Azerbaijan’s access to international
capital markets, diversification of sovereign financing instruments
and prospects for cooperation in financing major infrastructure
projects.
The sides exchanged views on making effective use of
international financial markets and enhancing Azerbaijan’s
investment appeal.
At a meeting with Patrick Loszewski, Executive Director of the
IMF Constituency Group represented by Azerbaijan, participants
discussed key areas of cooperation with the Fund, engagement within
the framework of Article IV consultations and Azerbaijan’s
macroeconomic priorities.
They emphasized the importance of strengthening Azerbaijan’s
representation in the Constituency Group and continuing
coordination within the structure.
The Azerbaijani delegation also met with representatives of
international rating agency Moody’s to exchange views on
Azerbaijan’s sovereign credit profile, its position in
international financial markets and measures to strengthen investor
confidence.
Karimov said Azerbaijan’s sovereign credit rating upgrade to
investment grade was an important sign of international recognition
of the country’s macroeconomic stability, strong fiscal position
and external resilience.
He described Moody’s upgrade of Azerbaijan’s sovereign rating
from Ba1 to Baa3, while maintaining a positive outlook, as an
important step in the international recognition of the results of
ongoing economic reforms.
The delegation also met with representatives of French banking
group Société Générale to review current cooperation and its
prospects.
The discussions covered potential cooperation in financing
investment projects in Azerbaijan, expanding financing
opportunities for the private sector, and developing digital
financial solutions and sustainable finance, the Ministry of
Finance’s press release said.
