Baku: Reforms are being implemented in Azerbaijan to strengthen sustainable and inclusive economic growth, said Nisar Hayat, FAO Representative in Azerbaijan and Head of the Partnership and Liaison Office, at the '8th SDG Dialogue: Innovative Financing for Sustainable Development - Beyond Aid and Traditional Official Development Assistance (ODA)'. The session was part of the Islamic Development Bank Annual Meetings in Baku.

According to Azeri-Press news agency, Hayat emphasized the global challenge of a widening financing gap for achieving the Sustainable Development Goals (SDGs), coupled with declining official development assistance and increasing pressure on public budgets. This scenario is particularly challenging for developing and middle-income countries, which face growing difficulties in accessing affordable and concessional financing.

Hayat also referenced the Fourth International Conference on Financing for Development held in Seville, where the international community adopted the 'Seville Agreement'. This aims to address the $4 trillion annual SDG financing gap, reduce debt risks, and create an international financial architecture that better meets the needs of developing countries.

In Azerbaijan, substantial progress is being made. The country is implementing large-scale reforms to strengthen sustainable and inclusive economic growth. Significant steps have been taken to implement the Sustainable Finance Roadmap for 2023-2026 and to develop the National Green Taxonomy. These initiatives create a robust foundation for aligning financial flows with environmental and social priorities.