Finance

Finance

EBRD reveals Azerbaijan's key priorities for 2022

16 November 2021 16:43 (UTC +04:00)

The European Bank for Reconstruction and Development (EBRD) has announced the key priorities for Azerbaijan for 2022, APA-Economics reports citing the Bank.

"Diversifying the economy would enhance its resilience to shocks. This includes continuously improving the business environment to support private-sector development, as well as pursuing commercialisation and governance reforms in the state sector to increase efficiency. Considering the current regional disparities in the country, a balanced territorial approach is essential.

Implementing the “Azerbaijan 2030” vision and the accompanying strategies needs to go hand in hand with enhancing public administration capacity. Public agencies and ministries need to be properly staffed, their expertise enhanced and the operational framework strengthened to effectively transform the long-term vision into the socio-economic development of the country.

The authorities should continue to develop a sustainable and competitive energy market with a sound regulatory framework and institutions. The new regulatory framework for renewables, which sets the groundwork for increased participation of the private sector, should be used as a stepping stone for greening the energy sector," according to key EBRD.