Rustamov Receives Delegation of World Bank

The head of the Central Bank Elman Rustamov received the World Bank delegation headed by Mercy Tembon responsible for the South Caucasus on 15 September.

The meeting discussed cooperation plans and the programs and projects implemented in Azerbaijan.

Rustamov focused attention on the framework document of the World Bank (WB) in partnership with Azerbaijan for the period 2015-2020.

In turn Tembon, noting global challenges, called for the strengthening of cooperation between the WB and Azerbaijan

The framework document confirmed in July is designed to regulate the operation of the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC) and Multilateral Agency for Investment Guarantee (MIGA) to support development sustainable, inclusive and focused on private sector in Azerbaijan.

Within the framework of the document the World Bank stated the reduction of poverty in the country to 5% of the population with the expansion of the middle class from 4% to 29%.

Real GDP growth, after falling to 1.5% in 2015 year will grow in 2016 to 2.6%, and in 2017 – to 2.7%.

Nominal GDP, after declining from 58.9 billion manat in 2014 to 52.6 billion manat in 2015, will then rise to $56.5 billion manat in 2016 and 60.4 billion manat in the 2017 year.

Non-oil GDP will grow slowly from 3.6% in 2015 year to 3.8% in 2016 and to 3.9% in 2017.  

The GDP per capita since the fall from $7.938 in 2014 to $5.447 in 2015 will increase in 2016 to $5.778, in 2017 - up to $6,094.

Inflation in 2015 will be, 10.0% in 2016, and will drop to 4.6%; in 2017 it will drop to 3.5%.     –0---

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