admin May 5, 2016

Azerbaijan is ready to support and be an active participant of the Asian Development Bank’s (ADB) Strategy 2030 consultations, Azerbaijan’s Finance Minister Samir Sharifov said.

He made the remarks during the 49th annual meeting of the ADB’s Board of Governors in Frankfurt, Germany.

Azerbaijan is represented by the delegation led by the country’s Finance Minister Samir Sharifov.

“I am confident that the New Strategy 2030 that ADB is currently working on will address the challenges more comprehensively and its implementation will support stronger and better ADB,” said Sharifov.

The minister noted that the current difficult external environment has been posing significant challenges for many Central Asian countries, including Azerbaijan, which is being severely affected by contagion of weak economic developments in the neighboring countries and sharp fall in oil prices.

Under these circumstances, formulation and implementation of well-coordinated, broad based policy response is of great importance, added Sharifov.

“Like many oil-exporting countries, Azerbaijan experienced reduction in export revenues, which was reflected in a contraction of the current account surplus, significant devaluation of local currency and falling budget revenues,” noted the minister adding that the Azerbaijani government, in its turn, is planning a transition to a new more sustainable and balanced economic growth model.

This model envisages structural changes to diversify economy away from oil and gas, to gradually substitute public investment with foreign and domestic private investment and to stimulate private sector led growth, said Sharifov.

During his speech the minister also noted the great importance to continue and expand ADB’s lending operations further.

“Taking into account diverse challenges faced by the member countries, a particular attention should be paid to increased utilization of rapid support instruments for member countries in need, while enhancing flexibility of the processing of standard and special loan facilities,” explained Sharifov.

Second, it is noteworthy to mention that ADB has reached its record performance in terms of lending, private sector and co-financing operations already in 2015, he noted.

The minister went on to add that the private sector development would reinforce the effectiveness and sustainability of ADB’s operations in the public sector.

The 49th annual meeting of the ADB’s Board of Governors will last until May 5.

ADB was established in 1966 and Azerbaijan became its member since Dec. 22, 1999.

Source: Trend