Baku / 19.09.17 / Turan: An event dedicated to the 25th anniversary of the World Bank"s cooperation with Azerbaijan was held in Baku on September 19.
Speaking at the event, the Chairman of the Board of the Central Bank of Azerbaijan Elman Rustamov said that over the years the WB provided loans totaling $ 3.6 billion to Azerbaijan.
"Currently, 10 projects are being implemented, for which $ 1.14 billion has been allocated.
Rustamov said new challenges are facing the economy of Azerbaijan, including ensuring macroeconomic stability, applying a new model of economic growth, diversifying the economy, developing human capital, and completing the restructuring of the financial sector.
"We hope for WB support in solving new challenges," he said.
The Vice President of the World Bank for Europe and Central Asia Cyril Muller, in turn, stressed that the past two years have been difficult for the economy of Azerbaijan.
He believes the government has taken the necessary steps in such conditions. Muller, for his part, noted four major challenges facing Azerbaijan, including strengthening institutional reforms and human capital development, improving the business environment and supporting the financial sector, developing labor staff, and increasing transparency in the public sector.
At the event, for the contribution of cooperation between Azerbaijan and the World Bank, special awards of the World Bank were given to Deputy Prime Ministers Abid Sharifov and Ali Hasanov, Minister of Economy Shahin Mustafayev, Finance Minister Samir Sharifov, the head of the Central Bank Elman Rustamov and the head of the Department for Work with International Financial Institutions of the Cabinet Nail Fataliyev.
Speaking at the awarding ceremony, Minister Mustafayev said that total investments in Azerbaijan"s economy exceeded $ 200 billion, including direct foreign investments of $ 76 billion.
He noted that thanks to cooperation with international financial institutions, including with the World Bank, Azerbaijan managed to move completely to the liberal market. -71D-
Finance
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The Unemployment Insurance Fund (UIF) under the Ministry of Labor and Social Protection of the Population does not provide information about its investment activities, the conclusion of the Chamber of Accounts on the draft budget law for the Fund for 2025. According to the document, the draft budget does not include any indicators related to the Fund's investments or income from such activities.
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As of the end of 2023, investments of the State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of the Population amounted to 2,515.3 million manats, the conclusion of the Chamber of Accounts on the draft budget law for the Fund for 2025.
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In Azerbaijan, approximately 6.5 billion manats will be allocated from the state budget for 2025 to implement the "Social and Economic Development Strategy for 2022-2026", the conclusion of the Chamber of Accounts on the draft law "On the State Budget for 2025." According to the document, this amount represents a 17.2% increase compared to the approved forecast for 2024.
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The Central Bank of Azerbaijan has reinstated the license for an insurance agent issued to an individual, Nabiyev Sabukhi Zakirovich, the regulator's official website reported. The announcement states that the decision was made on November 19 in accordance with the Law on Insurance Activity. The reason for the reinstatement is that the insurance broker has addressed the issues that led to the suspension of the license. Currently, there are 426 individuals and 57 legal entities holding insurance agent licenses in Azerbaijan.
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