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Gregory Jedrzejczak: Azerbaijanâ€™s economy is able to confront the world financial crisis

10 December 2008 16:30 (UTC +04:00)

Baku. Elnur Huseynguliev - APA-Economics. Azerbaijan Banks Association (ABA) has today held a meeting on its performance in 2008, plans for 2009 and the global financial crisis, bringing together representatives from the World Bank (WB), International Monetary Fund (IMF), the National Bank of Azerbaijan (NBA) and commercial banks in the country.
The World Bank Country Manager for Azerbaijan Gregory Jedrzejczak said the Azerbaijani economy is able to confront the world financial crisis.
Commercial banks are now very cautious in lending loans and take more serious approach to risk management, individual screening of customers.
According to him, the high level of foreign reserves in Azerbaijan is a positive factor and banks have enough resources to repay their external debt obligations.
Regarding the minus of the economy, Gregory Jedrzejczak highlighted the economyâ€™s low competitiveness and flexibility.
He said the Government must develop a variety of government programs to tackle the issue.
APA President Eldar Ismayilov said that the world financial crisis has started to affect the real sector more but the Azerbaijani economy is well-prepared for this.
The second part of the meeting was held behind closed doors to discuss plans for 2009.