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-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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