BAKU, Azerbaijan, October 16. Baku is expected to host the Global Conference on State-Owned Enterprises in 2027, according to a press release from Azerbaijan’s Ministry of Finance.
On October 15, Azerbaijan’s First Deputy Finance Minister Anar Karimov took part in a meeting of the Constituency Group represented by Azerbaijan, held on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Bangkok, Thailand.
The meeting was also attended by the Central Bank of Azerbaijan Governor and World Bank Governor for Azerbaijan, Taleh Kazimov.
Participants discussed the global economic and financial market situation, as well as measures taken by the IMF and World Bank Group to reduce poverty and support economic development in developing countries.
On October 16, Karimov attended the plenary session of the IMF and World Bank Annual Meetings. The event brought together senior representatives of government bodies, governments of member countries, central banks and international financial institutions.
IMF Managing Director Kristalina Georgieva and World Bank Group President Ajay Banga delivered reports on the global economic situation, prospects for global growth and key challenges. Their remarks also addressed rising global public debt and the need to ensure debt sustainability, particularly in developing countries.
On the same day, Karimov met with IMF Deputy Managing Director Bo Li. They discussed Azerbaijan’s economic situation and development prospects, trends in key macroeconomic indicators, and current and future areas of cooperation with the Fund.
Karimov outlined measures taken in Azerbaijan to maintain macroeconomic stability, diversify the economy and strengthen fiscal sustainability. He also discussed reforms to improve and digitize public financial management, develop the non-oil sector, diversify budget revenues, introduce performance-based budgeting and strengthen fiscal risk monitoring.
The first deputy minister emphasized the importance of cooperation with the IMF on public financial management, medium-term budget planning, fiscal rules and institutional capacity building. He also highlighted the need to expand the Fund’s technical assistance to support continued reforms in these areas.
Li, in turn, shared his views on how slowing global economic growth and risks in the international economic environment could affect countries’ development prospects. He positively assessed Azerbaijan’s progress in economic diversification, increasing non-oil revenues and strengthening fiscal sustainability, and expressed the IMF’s readiness to continue supporting the country in these areas.
The Azerbaijani delegation also met with Antonella Bassani, World Bank Vice President for Europe and Central Asia, to discuss ongoing cooperation with the Bank and its future prospects.
Both sides praised the World Bank’s continued support for Azerbaijan’s development priorities and reform agenda. They noted that the long-standing partnership makes a significant contribution to the country’s socioeconomic development and institutional capacity.
Karimov outlined reforms implemented in Azerbaijan to monitor state-owned enterprises and analyze their financial statements, and praised the World Bank’s technical assistance in this area.
The meeting also addressed a preliminary agreement with the World Bank to hold the next Global Conference on State-Owned Enterprises in Baku in 2027, with the participation of authorities responsible for monitoring such enterprises. Preparations for the event are underway.
During the visit, the delegation also met with representatives of Bank of America to discuss Azerbaijan’s access to international capital markets, diversification of sovereign financing instruments and prospects for cooperation in financing major infrastructure projects.
The sides exchanged views on making effective use of international financial markets and enhancing Azerbaijan’s investment appeal.
At a meeting with Patrick Loszewski, Executive Director of the IMF Constituency Group represented by Azerbaijan, participants discussed key areas of cooperation with the Fund, engagement within the framework of Article IV consultations and Azerbaijan’s macroeconomic priorities.
They emphasized the importance of strengthening Azerbaijan’s representation in the Constituency Group and continuing coordination within the structure.
The Azerbaijani delegation also met with representatives of international rating agency Moody’s to exchange views on Azerbaijan’s sovereign credit profile, its position in international financial markets and measures to strengthen investor confidence.
Karimov said Azerbaijan’s sovereign credit rating upgrade to investment grade was an important sign of international recognition of the country’s macroeconomic stability, strong fiscal position and external resilience.
He described Moody’s upgrade of Azerbaijan’s sovereign rating from Ba1 to Baa3, while maintaining a positive outlook, as an important step in the international recognition of the results of ongoing economic reforms.
The delegation also met with representatives of French banking group Société Générale to review current cooperation and its prospects.
The discussions covered potential cooperation in financing investment projects in Azerbaijan, expanding financing opportunities for the private sector, and developing digital financial solutions and sustainable finance, the Ministry of Finance’s press release said.