By Azernews

By Ayya Lmahamad

Azerbaijan’s Finance Minister Samir Sharifov held a meeting with the World Bank (WB) mission and the delegations of the Swiss State Secretariat for Economic Affairs (SECO) as part of the Medium-Term Expenditure Framework (MTEF) Capacity Building project jointly implemented by WB and SECO, Azernews reports.

During the meeting, the participants discussed the implementation of MTEF and transition reforms to the result-based budget mechanism, strengthening of the medium-term macro-fiscal framework, methodology for preparing the budget calendar, base forecasts, budget classification, and improvement of the main activity and result indicators in the pilot sectors, where the MTEF and the result-based budget are applied issues related to the continuation of support.

Samir Sharifov appreciated Azerbaijan’s cooperation with the WB group, noting that joint projects in various directions were successfully implemented during the past period.

The minister noted that the implementation of the MTEF is of great importance in ensuring the targeting, efficiency, and effectiveness of budget expenditures. He spoke about the reforms carried out in the field of public finance management in Azerbaijan and emphasized the important role of these measures in increasing transparency in the economy and the efficiency of state regulation.

For her turn, World Bank Country Manager for Azerbaijan Sarah Michael noted the effective cooperation of the bank with Azerbaijan, saying that the economic reforms carried out in Azerbaijan are also supported by many international financial institutions.

Moreover, World Bank mission Head Ian Halvdan Ross Hawkesworth briefed about the work done so far and the next steps to be taken within the framework of the mentioned project. He stated that the bank is ready to continue supporting Azerbaijan in the direction of continuing reforms.

Speaking at the meeting, SECO’s delegation Head Alberto Hernandez emphasized that the socio-economic development strategy of Azerbaijan for 2022-2026 will make important contributions to the reforms carried out under the MTEF.