World Bank to support tax reforms in Azerbaijan

By Azernews

The World Bank (WB) will support tax reforms in Azerbaijan.

The remarks were made during the meeting of Azerbaijan's Center for Analysis of Economic Reforms and Communications executive director Vusal Gasimli with the World Bank representatives.

During the meeting, Gasimli noted that the launch of a strategic road map for the implementation of the medium-term expenditure program in Azerbaijan is one of the target indicators of the county's fiscal sustainability.

He also briefed on the Center's role in this area, activities, strategic planning, and the importance of communication in these processes.

In turn, the Bank's representatives stressed the importance of ensuring the implementation of this program.

Moreover, in the WB's statement published recently, it was reported that the Bank may offer Azerbaijan a preferential loan. 

According to the statement, the Bank will apply special lending terms for countries involved in conflicts. It should be noted that these conditions include lower interest rates on loans and the list of countries affected by conflicts is updated annually on July 1.

"The offer of concessional lending for Azerbaijan will be valid until June 30, 2023," the statement reads.

Azerbaijan joined the World Bank in 1992. The Bank began economic cooperation with Azerbaijan to assist in the development of institutional capacity and the efficient management of oil reserves. The World Bank has consistently backed Azerbaijan's large-scale reforms.