World Bank presents its report on economic diversification in Azerbaijan

Azerbaijani Finance Minister Sahil Babayev received a delegation led by Rolande Pryce, Regional Director for the South Caucasus at the World Bank, on June 2, Report informs, citing the ministry.

During the meeting, the World Bank presented its report, "Diversification and Development in Azerbaijan," and the parties discussed the report's key findings and its potential implications for the country's economic diversification efforts.

Minister Sahil Babayev noted that the partnership with the World Bank has made a significant contribution to Azerbaijan's socio-economic development and highlighted the successful cooperation between the parties in areas such as infrastructure modernization, energy transition, transport connectivity, social protection, and public governance development.

Emphasizing economic diversification as one of the Azerbaijani Government's key priorities, the Minister outlined ongoing efforts to expand the non-oil sector, improve the investment climate, boost export potential, strengthen human capital, and accelerate the adoption of digital solutions.

Addressing the importance of maintaining macroeconomic stability and strengthening fiscal sustainability, Babayev underscored that the application of modern public financial management practices, the reinforcement of fiscal discipline, and the growing role of non-oil revenues are critical to ensuring long-term economic resilience.

It was also noted that the development of the information and communications technology, financial services, and tourism sectors, alongside the expansion of regional transport and logistics connectivity, remains central to the country's diversification agenda.

The parties also reviewed ongoing efforts to enhance the corporate governance of state-owned enterprises, improve transparency and accountability, strengthen monitoring mechanisms, and ensure the effective management of fiscal risks.

For her part, Pryce expressed satisfaction with the continued development of cooperation between Azerbaijan and the World Bank. She noted the World Bank's interest in further expanding collaboration in areas such as private sector development, green growth, energy transition, digitalization, public sector governance, and human capital development. Ms. Pryce also reaffirmed the World Bank's commitment to supporting Azerbaijan's long-term development agenda.

The meeting concluded with an exchange of views on economic and financial issues of mutual interest, with both sides reaffirming the importance of continued cooperation and constructive dialogue.