The Framework Document of the World Bank (WB) on partnership with Azerbaijan for the period 2015-2020 has been approved. This is stated on behalf of the Board of Executive Directors of the World Bank Group.
The document is intended to regulate the operation of the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) to support sustainable, inclusive and private sector focused development in Azerbaijan.
The document states reduction of poverty in the country to 5% of the population with the expansion of the middle class from 4 to 29%. He also pointed out that the private sector plays a central role in the new economic model of Azerbaijan in conditions of low oil prices.
WB currently implementing 51 projects in Azerbaijan has allocated loans totaling $ 3.6 billion. 35 of them have already been completed and the implementation of the 16 continues. --17D-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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