The World Bank's mission to Azerbaijan was in the Center for Analysis of Economic Reforms and Communication (CAERC). The Executive Director of CAERC Vusal Gasimli received mission experts from Lan Hochesvors, Elena Bondarenko and Yelena Nikulina. During the meeting, issues related to Medium Term Budget Planning were discussed.
Vusal Gasimli informed about the economic reforms carried out in the country. It was noted that under the leadership of President Ilham Aliyev, the challenges of foreign shocks in Azerbaijan were successfully resolved and macroeconomic stability was restored in 2017, when the main trajectories of sustainable development were identified for the following period: "Currently, the CAERC possesses strong software, as well as laboratory with economic analysis and prediction potential. This, in turn, allows macro and microeconomic analyzes to ensure sustainable economic development, in accordance with the CAERC Statute."
In line with strategic roadmaps, a "golden rule" approach and a fiscal framework necessary for the management of public debt are created to make rational use of oil revenues. In this context, further strengthening of the Medium-Term Expenditure Framework, adapting to strong budget management and its efficient budgeting are the continuation of the measures taken to increase the efficiency of public spending and to reduce the volatility of oil revenues.
At the meeting, the parties also exchanged views on the statistical, forecasting and institutional developments in the fiscal area.
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