TODAY.AZ / Business

EBRD held presentation of its annual report

23 February 2006 [10:57] - TODAY.AZ
Today the Baku Office of the European Bank for Reconstruction and Development (EBRD) held presentation of the new publication of the annual "Transition report – 2005" on economic development and reforms implemented in Central, Eastern European and CIS countries.

As APA reports, the presentation was held by the Head of the EBRD Baku Office Raymond Conway, political researches and sectoral strategy director Samuel Fankhauser and senior economist responsible for Azerbaijan Anita Taji. The Deputy Minister of Economic Development Mikayil Jabbarov also attended the presentation ceremony.

S.Fankhauser said that the report concerning Azerbaijan consisted of 3 main parts, transition process in 2004-2005 and business relations in this process had been included in the report: "Azerbaijan made progress in 1 of 9 EBRD increasing categories. This indicator is small in Russia, too. Macroeconomic indicators of Azerbaijan improved in the reporting period. Structural reforms also develop and liberalization in prices and exchange rates is estimable as well".

As to GDP growth speed during the past 2 years, the Bank representative saying this indicator is up to 8% in the CIS countries added that Azerbaijan achieved 20% development. If this tendency continues for some more years, Azerbaijan will achieve great development.

"Business environment also improved in the region. Business activities are developing in various fields in Azerbaijan. However, business climate of Azerbaijan did not improve considerably", - the Bank official stressed.

S.Fankhauser said that despite reduction of bribery in many countries, level of corruption and corruption-fighting in Azerbaijan and CIS counties is not desirable. Cases of corruption are mostly registered in privatized enterprises. Enterprises attracting foreign funds have law specific weight in Azerbaijan as well.

Business obstacles, business legislation, labour force, taxation, property rights and institutions, infrastructure, financial means and macroeconomic environment are also reviewed in the report. The report also includes business indicators of enterprises operating throughout the region.

Anita Taji told journalists that although the government predicted inflation to form 9%, it would not be a one-digit indicator: "The government already knows it and tries to prevent it through some measures. It wants to retain the last year indicator. But it will not be possible. Large amount of funds enter the country due to development of the oil sector. It will be the reason to stimulate inflation. Moreover, National Bank's increasing exchange rate and tax revenues also accelerate this process."


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