WB representative: "Azerbaijani banks will have no problems with the return of external debts"

Azerbaijan will likely not need the assistance of international financial institutions in overcoming the implications of the global financial crisis, said head of the WB Azerbaijan representative office Gregory Yejeychak at the meeting with the banking community of Azerbaijan.

"The impact of the global crisis on Azerbaijan is insignificant today, as the banks of the country are cautions about the issue of external borrowings. Perhaps, this is connected with the fact that historically Azerbaijanis have been more cautious about such issues", said he.

The head of the representative office noted that Azerbaijani banks have enough reserves to return debts and called the high level of the monetary reserves of the country to be a positive factor.

"Yet, I consider that the government should be more cautious in the issue of dislocation of external borrowings to the country's economy", added he.

According to the WB representative, the low level of competitiveness and economic flexibility is a negative moment in Azerbaijan's economy and the government should work out different state programs to tackle the problem.

/Day.Az/