Assistance to Azerbaijan from WB to Promote Cashless Payments

The Ministry of Taxes and the Central Bank of Azerbaijan expect to receive from the World Bank (WB) technical assistance in the implementation of the project to stimulate cashless payments.

According to the ministry, it was discussed at a meeting of First Deputy Minister of Taxes Natig Amirov with the WB delegation headed by the economist on Azerbaijan Kongyan Tan. Local structures have already prepared a draft agreement on support of the initiatives.

The support consists of familiarization with international experience to stimulate non-cash payments, draft the final report, assess the current situation in the country in this field and its impact on the budget, determine the role of the tax authorities in the promotion of non-cash payments, etc.

According to Tan, in the future, the World Bank will consider providing technical assistance to ??the Ministry of Taxes in creating an information system of municipal revenues in local government.

Azerbaijan has been a member of the World Bank since 1992 and it has received $3.3 billion in loans from WB for the implementation of 51 projects. At present it continues to implement 17 projects. --17D-