BAKU, Azerbaijan, October 17.
Azerbaijan has discussed fiscal policy and the digitalization of
public finance with international financial institutions
(IFIs).
This was reported by the Ministry of Finance following a series
of bilateral meetings held by the First Deputy Minister of Finance
of Azerbaijan, Anar Karimov, in Bangkok, Thailand, on the sidelines
of the Annual Meetings of the International Monetary Fund (IMF) and
the World Bank Group (WBG) on October 17.
Karimov held separate meetings with the Director of the IMF’s
Middle East and Central Asia Department, Jihad Azour, and the
Director of the IMF’s Fiscal Affairs Department, Rodrigo
Valdés.
The discussions covered the outcomes of the 2026 consultations
held under Article IV of the IMF’s Articles of Agreement, the key
directions of Azerbaijan’s macroeconomic and fiscal policy, and
structural reforms being implemented in the medium term.
Karimov said that maintaining macroeconomic stability,
diversifying the economy, and developing the non-oil sector are the
primary priorities of the country’s economic policy. He briefed on
the measures being taken to improve the public financial management
system, enhance the efficiency of budget expenditures, and
strengthen fiscal sustainability.
The meetings also paid particular attention to the
digitalization of public financial management, the improvement of
budget planning and execution mechanisms, and the implementation of
results-based and program-based budgeting. The first deputy
minister emphasized the importance of the IMF’s technical
assistance and expert support in carrying out reforms and
strengthening institutional capacity in these areas.
Furthermore, Karimov highlighted the reforms underway within
state-owned enterprises, including efforts to improve monitoring
and reporting mechanisms, assess fiscal risks, and strengthen
oversight of the operations of these enterprises. For their part,
IMF representatives emphasized the importance of the Article IV
consultations in assessing Azerbaijan’s economic policy priorities.
The discussions covered the continuation of cooperation in the
areas of fiscal policy and public financial management, as well as
the potential for expanding IMF technical assistance in priority
sectors.
On the same day, the Azerbaijani delegation met with Manuel
Schiappa Pietra, President and CEO of FreeBalance, a Canadian
company specializing in public financial management and digital
government solutions.
The meeting focused on prospects for cooperation regarding the
improvement of public financial management systems, the
modernization of budget planning, and the implementation of digital
solutions.
Karimov provided an overview of the measures being taken in
Azerbaijan to digitize public financial management, enhance the
efficiency of budget processes, and refine fiscal governance
mechanisms. The parties discussed FreeBalance’s international
experience in public financial management and explored the
potential for implementing digital solutions for budget planning,
financial data management, and enhancing the efficiency of public
resource utilization. Furthermore, they exchanged views on
prospects for cooperation aimed at expanding capabilities for
analyzing public finance data and strengthening transparency.
The Azerbaijani delegation also met with the U.S. Executive
Director at the Asian Development Bank (ADB), Ambassador Robert
Sweeney. The discussion covered the current state and prospects of
the partnership between Azerbaijan and the ADB, joint projects,
support for private sector development, public-private
partnerships, and regional cooperation.
Karimov stressed that Azerbaijan attaches great importance to
its long-term partnership with the ADB, noting that the projects
financed by the bank in the country, along with the technical and
financial support provided, play a significant role in the
realization of Azerbaijan’s development priorities. During the
meeting, it was also noted that the discussions held with various
state institutions regarding ongoing and prospective projects,
which took place during the visit of the ADB Board of Directors
members to Azerbaijan this September, have contributed to the
development of bilateral cooperation.
As part of the visit, the Azerbaijani delegation also met with
Vice President for Banking Operations at the Black Sea Trade and
Development Bank (BSTDB), Ziya Aliyev. The current state of
cooperation between Azerbaijan and the BSTDB, as well as future
directions for development, were discussed during the meeting.
Aliyev emphasized the significance of the 28th Annual Meeting of
the BSTDB, held in Baku this July, in terms of establishing new
partnerships and evaluating investment opportunities. He noted that
the BSTDB is prepared to expand cooperation toward the
implementation of new projects that will contribute to Azerbaijan’s
sustainable development.