Baku: Azerbaijan's Minister of Finance, Sahil Babayev, recently held a meeting with a delegation led by Rolande Pryce, the World Bank Regional Director for the South Caucasus. During this meeting, the World Bank presented its report, 'Diversification and Development in Azerbaijan,' and both parties engaged in discussions about the report's key findings and potential implications for Azerbaijan's economic diversification efforts.

According to Azerbaijan State News Agency, Minister Babayev emphasized that the partnership with the World Bank has significantly contributed to Azerbaijan's socio-economic development. He highlighted the successful cooperation between the parties in areas such as infrastructure modernization, energy transition, transport connectivity, social protection, and public governance development.

Minister Babayev underscored economic diversification as a key priority for the Azerbaijani Government, outlining ongoing efforts to expand the non-oil sector, improve the investment climate, boost export potential, strengthen human capital, and accelerate the adoption of digital solutions. He also addressed the importance of maintaining macroeconomic stability and strengthening fiscal sustainability, noting the critical role of modern public financial management practices, fiscal discipline, and increasing non-oil revenues in ensuring long-term economic resilience.

The dialogue also touched upon the development of information and communications technology, financial services, and tourism sectors, alongside the expansion of regional transport and logistics connectivity, as central elements of the country's diversification strategy. The parties reviewed ongoing efforts to enhance corporate governance of state-owned enterprises, improve transparency and accountability, strengthen monitoring mechanisms, and ensure effective management of fiscal risks.

Rolande Pryce expressed satisfaction with the continued development of cooperation between Azerbaijan and the World Bank. She noted the World Bank's interest in expanding collaboration in areas such as private sector development, green growth, energy transition, digitalization, public sector governance, and human capital development, reaffirming the World Bank's commitment to supporting Azerbaijan's long-term development agenda.

The meeting concluded with both parties exchanging views on economic and financial issues of mutual interest, reaffirming the importance of continued cooperation and constructive dialogue.