Baku:Azerbaijani Finance Minister Sahil Babayev held a meeting with a World Bank delegation that included Rolande Pryce, the Regional Director for the South Caucasus, and Abebe Adugna, the Regional Director for Prosperity in Europe and Central Asia. The discussion focused on various areas of mutual interest including macroeconomic stability, fiscal sustainability, and economic diversification.
According to Azerbaijan State News Agency, Babayev emphasized Azerbaijan's long-term partnership with the World Bank, acknowledging its significant contributions to the nation's economic development, institutional reforms, and public sector modernization. He highlighted the opportunities presented by the 2025-2029 Country Partnership Framework to further cooperation in economic diversification, private sector development, productivity growth, and sustainable economic development.
The meeting also covered government strategies to maintain macroeconomic stability, enhance fiscal sustainability, and improve public financial management. Babayev outlined initiatives such as the Digital Public Finance Information System, performance-based budgeting, and the digitalization of public procurement. The reforms aim to reduce reliance on oil and gas revenues by developing the non-oil sector and attracting private investment.
Discussions extended to the financial management and oversight of state-owned enterprises, focusing on improving financial discipline, corporate governance, and managing fiscal risks. The parties also reviewed preparations for the Global Conference on State-Owned Enterprises, set to be held in Baku in 2027, in collaboration with the World Bank Group.
Additionally, the meeting addressed a draft Report on the Observance of Standards and Codes (ROSC) in accounting and auditing, prepared with World Bank support. The report's recommendations highlighted the need for improved legislation, enhanced financial reporting quality, and robust audit oversight.
The World Bank representatives expressed their support for continued collaboration with Azerbaijan, focusing on economic and institutional reforms, public financial management, and the state-owned enterprise sector. The discussions also included potential investment projects in agriculture, water resource management, transport, and urban infrastructure.