World Bank Discussing New Growth Model with Government of Azerbaijan
The World Bank (WB) is discussing with the Government of Azerbaijan a number of medium- and long-term measures for the country's transition to a new growth model, based on the private sector and increase the stability of the country to external shocks, including low oil prices and the pressure on the national currency. This is stated in the report released by the World Bank.
The Azerbaijani government is developing a broad program of structural reforms and the World Bank as "a long-term partner of the country, is willing to provide the necessary support."
The World Bank for the period of cooperation with Azerbaijan since 1992 has implemented more than 50 projects and allocated loans totaling more than $ 3.3 billion.
This week, a number of foreign media reported on the talks on Azerbaijan's borrowing loans of 4 billion USD from the IMF and the World Bank. However, the Minister of Finance and President of Azerbaijan denied this information. -06D-
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- 30 January 2016 23:31
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- Economics
- 31 January 2016 12:54
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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