Baku: Azerbaijan’s Minister of Finance Sahil Babayev engaged in discussions with Asad Alam, Regional Director for Europe and Central Asia for the World Bank’s Equitable Growth, Finance and Institutions (EFI), during Alam’s visit to Azerbaijan. Their talks concentrated on enhancing cooperation between Azerbaijan and the World Bank, particularly in public finance management and fiscal policy, and identifying new partnership opportunities.
According to Azerbaijan State News Agency, Minister Babayev emphasized Azerbaijan’s commitment to its partnership with the World Bank. Azerbaijan has gained significantly from the Bank’s financial backing, technical support, and strategic guidance, aiding the development of sectors such as infrastructure, education, healthcare, and public administration. This collaboration has also propelled projects in energy, transport, and social services, contributing to sustainable development and macroeconomic stability.
The discussions also involved reviewing the ‘Capacity Building for Medium-Term Expenditure Framework in Azerbaijan’ project, supported by Switzerland’s State Secretariat for Economic Affairs (SECO) through the World Bank. Key topics included the Ministry of Finance’s public finance review, digital solutions, information systems assessment, and capacity development initiatives.
The World Bank mission plans to conduct a diagnostic analysis at the ministry to address digital solutions and information systems. This analysis aims to identify gaps and outline future development paths for creating an integrated Public Financial Management Information System architecture.
Asad Alam praised the Azerbaijani government’s initiatives to enhance financial management and fiscal policy, highlighting that the project’s successful execution would bolster the efficiency and sustainability of public finance management.
Both parties reaffirmed their confidence in the evolving partnership between Azerbaijan and the World Bank and shared perspectives on additional issues of shared interest.