Finance minister hails ADB's contribution to Azerbaijan's economic reforms

By Azernews

By Ofeliya Afandiyeva

Azerbaijan’s Finance Minister Samir Sharifov has hailed the Asian Development Bank’s contribution to the economic reforms carried in the country during the meeting with AIB’s Vice-President for Knowledge Management and Sustainable Development Bambang Susantono who was on an official visit in the country.

During the meeting, the sides discussed the current state and prospects of cooperation between Azerbaijan and ADB, as well as the status of implementation of ongoing joint projects. The Azerbaijani side highly appreciated ADB's research titled “Azerbaijan: Country Diagnostic Study” that was presented on the same day.

“Azerbaijan: Country Diagnostic Study” was presented during the meeting between ADB delegation led by Bambang Susantono and Azerbaijani government officials, including senior officials of the Presidential Administration, Cabinet of Ministers, ministries of Finance, Economy, Labor and Social Protection of Population, Agriculture and Energy, as well as the Central Bank, State Oil Fund, chambers of Financial Markets Control and Accounts, state Customs and Statistics committees.

The presentation includes analysis of barriers and constrains to inclusive growth and economic diversification, based on the discussions and commentary of the government partners.

Azerbaijani speakers praised ADB's contribution to the economic development of Azerbaijan through such analysis and delivered to attention their comments and proposals to the Bank's delegation.

The ADB delegation raised their opinion and proposals related to determination of the steps in order to eliminate barriers and constrains to inclusive growth and economic diversification.

According to official information provided by ADB, Azerbaijan’s gross national income per capita has increased approximately tenfold in a decade and a half. This robust growth has been largely driven by the extraction and processing of fossil fuels, along with high levels of public expenditure.

Azerbaijan joined ADB on December 22, 1999 and hosted the 48th Annual Meeting of the ADB Board of Governors in 2015.

The main objective of the ADB is to support the economic development of its member countries to reduce poverty and improve living standards.