Azerbaijan has held a series of meetings with representatives of the International Monetary Fund (IMF), Asian Development Bank (ADB) and other international financial institutions to discuss fiscal reforms, economic diversification and future investment cooperation.
According to the Ministry of Finance, First Deputy Finance Minister Anar Karimov held the discussions on the sidelines of the Annual Meetings of the IMF and World Bank Group in Bangkok, Thailand.
Karimov met separately with Jihad Azour, Director of the IMF's Middle East and Central Asia Department, and Rodrigo Valdés, Director of its Fiscal Affairs Department.
The meetings focused on the results of Azerbaijan's 2026 consultations under Article IV of the IMF's Articles of Agreement, the country's macroeconomic and fiscal policy priorities, and structural reforms planned for the medium term.
Karimov emphasised that maintaining macroeconomic stability, diversifying the economy and strengthening the non-oil sector remain central priorities of Azerbaijan's economic policy.
He also outlined ongoing measures to improve public financial management, increase the efficiency of budget expenditures and strengthen fiscal sustainability.
Particular attention was paid to the digitalisation of public financial management, improvements in budget planning and execution, and the introduction of results-based and programme-based budgeting.
The First Deputy Minister highlighted the importance of the IMF's technical assistance and expert support in implementing these reforms and strengthening institutional capacity.
Discussions also covered reforms in state-owned enterprises, including improvements in monitoring and reporting mechanisms, fiscal risk assessments and oversight of their operations.
IMF representatives underlined the importance of Article IV consultations in evaluating Azerbaijan's economic policy priorities. Both sides exchanged views on continuing cooperation in fiscal policy and public financial management, including opportunities to expand technical assistance.
Digitalisation of public finances
The Azerbaijani delegation also met with Manuel Schiappa Pietra, President and CEO of FreeBalance, a Canadian company specialising in public financial management and digital government solutions.
The meeting addressed opportunities to modernise Azerbaijan's budget planning systems, improve financial data management and introduce digital solutions to enhance the efficiency of public resource utilisation.
Karimov briefed the company on Azerbaijan's ongoing efforts to digitalise public financial management and strengthen fiscal governance.
The parties also discussed FreeBalance's international experience and potential cooperation in expanding public finance data analysis capabilities and improving transparency.
Cooperation with ADB and BSTDB
During the visit, the Azerbaijani delegation met with Ambassador Robert Sweeny, the United States Executive Director at the Asian Development Bank.
Discussions focused on the current state and future prospects of Azerbaijan's partnership with the ADB, including joint projects, private sector development, public-private partnerships and regional cooperation.
Karimov reaffirmed Azerbaijan's commitment to its long-standing relationship with the bank, highlighting the contribution of ADB-financed projects and technical and financial assistance to the country's development priorities.
The meeting also addressed the visit of ADB Board of Directors members to Azerbaijan in September, during which discussions with government institutions covered ongoing and prospective projects.
Separately, the delegation met with Ziya Aliyev, Vice President for Banking Operations at the Black Sea Trade and Development Bank (BSTDB).
The discussions centred on existing cooperation and opportunities to expand the bank's involvement in Azerbaijan's development projects.
Aliyev highlighted the significance of the BSTDB's 28th Annual Meeting, held in Baku in July, in establishing new partnerships and assessing investment opportunities.
He also expressed the bank's readiness to strengthen cooperation on new projects supporting Azerbaijan's sustainable development.