BAKU, Azerbaijan, October 17. Azerbaijan has discussed fiscal policy and the digitalization of public finance with international financial institutions (IFIs).
This was reported by the Ministry of Finance following a series of bilateral meetings held by the First Deputy Minister of Finance of Azerbaijan, Anar Karimov, in Bangkok, Thailand, on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) on October 17.
Karimov held separate meetings with the Director of the IMF’s Middle East and Central Asia Department, Jihad Azour, and the Director of the IMF’s Fiscal Affairs Department, Rodrigo Valdés.
The discussions covered the outcomes of the 2026 consultations held under Article IV of the IMF’s Articles of Agreement, the key directions of Azerbaijan’s macroeconomic and fiscal policy, and structural reforms being implemented in the medium term.
Karimov said that maintaining macroeconomic stability, diversifying the economy, and developing the non-oil sector are the primary priorities of the country’s economic policy. He briefed on the measures being taken to improve the public financial management system, enhance the efficiency of budget expenditures, and strengthen fiscal sustainability.
The meetings also paid particular attention to the digitalization of public financial management, the improvement of budget planning and execution mechanisms, and the implementation of results-based and program-based budgeting. The first deputy minister emphasized the importance of the IMF’s technical assistance and expert support in carrying out reforms and strengthening institutional capacity in these areas.
Furthermore, Karimov highlighted the reforms underway within state-owned enterprises, including efforts to improve monitoring and reporting mechanisms, assess fiscal risks, and strengthen oversight of the operations of these enterprises. For their part, IMF representatives emphasized the importance of the Article IV consultations in assessing Azerbaijan’s economic policy priorities. The discussions covered the continuation of cooperation in the areas of fiscal policy and public financial management, as well as the potential for expanding IMF technical assistance in priority sectors.
On the same day, the Azerbaijani delegation met with Manuel Schiappa Pietra, President and CEO of FreeBalance, a Canadian company specializing in public financial management and digital government solutions.
The meeting focused on prospects for cooperation regarding the improvement of public financial management systems, the modernization of budget planning, and the implementation of digital solutions.
Karimov provided an overview of the measures being taken in Azerbaijan to digitize public financial management, enhance the efficiency of budget processes, and refine fiscal governance mechanisms. The parties discussed FreeBalance’s international experience in public financial management and explored the potential for implementing digital solutions for budget planning, financial data management, and enhancing the efficiency of public resource utilization. Furthermore, they exchanged views on prospects for cooperation aimed at expanding capabilities for analyzing public finance data and strengthening transparency.
The Azerbaijani delegation also met with the U.S. Executive Director at the Asian Development Bank (ADB), Ambassador Robert Sweeney. The discussion covered the current state and prospects of the partnership between Azerbaijan and the ADB, joint projects, support for private sector development, public-private partnerships, and regional cooperation.
Karimov stressed that Azerbaijan attaches great importance to its long-term partnership with the ADB, noting that the projects financed by the bank in the country, along with the technical and financial support provided, play a significant role in the realization of Azerbaijan’s development priorities. During the meeting, it was also noted that the discussions held with various state institutions regarding ongoing and prospective projects, which took place during the visit of the ADB Board of Directors members to Azerbaijan this September, have contributed to the development of bilateral cooperation.
As part of the visit, the Azerbaijani delegation also met with Vice President for Banking Operations at the Black Sea Trade and Development Bank (BSTDB), Ziya Aliyev. The current state of cooperation between Azerbaijan and the BSTDB, as well as future directions for development, were discussed during the meeting.
Aliyev emphasized the significance of the 28th Annual Meeting of the BSTDB, held in Baku this July, in terms of establishing new partnerships and evaluating investment opportunities. He noted that the BSTDB is prepared to expand cooperation toward the implementation of new projects that will contribute to Azerbaijan's sustainable development.