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 July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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