Minister of Finance of the Republic of Azerbaijan Samir Sharifov made a business visit to the Islamic Republic of Pakistan, the United Arab Emirates (UAE) and India on February 19-21***As of January 1st, 2018, the external public debt of the Republic of Azerbaijan constituted 9,398.3 million US dollars (equivalent 15,978.1 million manat). The Debt to the Gross Domestic Product ratio stands at 22.8 percent (based on 2017 GDP of AZN 70,135.1 mln)******

Ministry of Finance hosts meetings with ADB Director General for Central and West Asia Department and members of the bank`s Board of Directors

Ministry of Finance hosts meetings with ADB Director General for Central and West Asia Department and members of the bank`s Board of Directors

23.06.2018

On June 20-12, 2018, Minister of Finance of the Republic of Azerbaijan Samir Sharifov held meetings with a delegation led by the Asian Development Bank (ADB) Director General for Central and West Asia Department Werner Liepach and a delegation of members of the ADB Board of Directors led by Kshatrapati Shivaji.
During the meetings Samir Sharifov highlighted macroeconomic situation in Azerbaijan, economic reforms carried out by the government under the leadership of President Ilham Aliyev, measures to boost the banking sector, budget and tax policy and consolidation of the financial stability, infrastructure and investment projects, measures to improve business environment in the country.

The minister pointed out Azerbaijan`s favourable location in terms of transportation and logistics and the country`s transit potential as the initiator and linchpin of regional transportation and infrastructure projects. Samir Sharifov noted the global importance of the recently inaugurated Southern Gas Corridor project, Baku-Tbilisi-Kars railway project, which was launched last year, as well as North-South transport corridor and Baku International Sea Trade Port projects, saying these transit and transportation lines open up wide opportunities for regional countries.
Saying the ADB is the first international financial institution to support the Southern Gas Corridor, Minister Sharifov noted that the bank`s projects in Azerbaijan cover both public and private sectors and match the government`s development strategy.
The minister said the head of state entrusted the government with the important task of developing Azerbaijan`s non-oil sector and diversifying the economy, and expressed his confidence that the Asian Development Bank will continue to assist the country in ensuring sustainable economic development.
Head of the delegation of members of the ADB Board of Directors Kshatrapati Shivaji said their visit aims to define strategic goals for increasing the effectiveness of the bank`s activity through studying its work in Azerbaijan and the country`s development needs. Kshatrapati Shivaji hailed Azerbaijan`s economic success and reforms.
The ADB officials praised rapid development of cooperation between the bank and the country, and reaffirmed the ADB`s commitment to continue to contribute to ensuring sustainable development in Azerbaijan as a reliable partner.
They also discussed the current state and future directions of Azerbaijan-ADB cooperation, including oil and gas, motor way and railroad, energy, water supply and sanitation system rehabilitation projects, financing of the Countercyclical Support Facility Program and other issues of interest.