Questions of the macroeconomic situation, the development of non-oil sector, economic processes, the new regime of currency regulation management strategy were discussed during the meeting of the head of the Central Bank of Azerbaijan Elman Rustamov and the advisory mission of Article IV of the IMF Agreement, headed by Mohammed al Gorchi.
According to the press service of the CBA, the mission commended steps to ensure the stability of the economy, support the financial stability, the banking sector rehabilitation, and management of currencies exchange rate.
It was noted that the new policy regulating currency exchange rate provides an additional incentive for the development of the economy, strengthens its international competitiveness and export potential, which ensures the stability of the international balance of payments and the country's solvency.
At the meeting the sides discussed issues of cooperation between the IMF and Azerbaijan.
The IMF mission held talks with the Minister of Finance Samir Sharifov.
The IMF supported the government's actions and agreed to maintain close political dialogue and to strengthen technical assistance. -0-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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