By Azernews

By Ayya Lmahamad

A delegation headed by Azerbaijan’s Finance Minister Samir Sharifov has attended the plenary session of the International Monetary Fund (IMF) and World Bank Group annual meeting, Azernews reports.

The plenary session was attended by high-level state and government officials of the IMF and World Bank Group member countries, representatives of central banks, and international financial institutions.

Speaking at the session, IMF Executive Director Kristalina Georgieva and the World Bank Group President David Malpass, touched upon the current situation in the world economy, challenges posed by the Russian-Ukrainian conflict to the global economy, including high inflationary pressure and food security, weakening global economic development, and debt sustainability risks in many countries. They stressed the importance of cooperation in combating these challenges.

The plenary session also featured a joint statement by the IMF and the World Bank Group on the processes taking place in the world economy.

The Azerbaijani delegation arrived in the US to participate in the annual meetings of the World Bank (WB) and the International Monetary Fund (IMF). The delegation will participate in a number of events within the annual meetings, which will be held on October 12-18 in Washington.

Azerbaijan joined the WB in 1992. Since then, the bank has financed over 50 projects with total commitments of $4.4 billion. It started economic cooperation in Azerbaijan to help increase the country’s institutional capacity and build efficient oil reserves management. The WB has always supported the large-scale reforms carried out in Azerbaijan.

Azerbaijan joined the International Monetary Fund (IMF) on September 18, 1992. Since Azerbaijan's induction into the organization, the IMF has implemented several programs in Azerbaijan that foster economic growth.