BAKU, Azerbaijan, March 5. Azerbaijan is among the rare countries that manage to maintain balance in fiscal policy, the country's Deputy Prime Minister Samir Sharifov said at a forum held in Baku titled “Looking to the Future in the Tax System: New Governance Model and Data-Driven Decisions,” Trend reports.
“As a result of the reforms carried out and the programs implemented, macroeconomic stability and fiscal sustainability have been ensured, fiscal administration has been improved, our financial position has significantly strengthened, and investment attractiveness has increased. In short, the financial institutional framework for resilience to shocks and for high-quality economic growth has been reinforced,” he explained.
According to Sharifov, the growing uncertainty in the global economy, fragmentation and trade protectionism, as well as the acceleration of technological and energy transformations, have created new challenges for Azerbaijan’s future socio-economic development.
“By adequately assessing the seriousness of these challenges, one of the topics of discussion at today’s forum will be determining the contributions that the tax system has made and can make to the formation of our country’s institutional potential and governance experience in order to respond to these challenges,” he pointed out.
The official noted that global developments are making economic decision-making more complicated.
“The rising uncertainty and rising risks in the global economy are creating new challenges for states. We shape our economic policy not in isolation from global processes, but based on their real impacts. Recent developments observed in the global economy show that macroeconomic stability doesn't form on its own. While many countries are facing inflation, Azerbaijan is pursuing a balanced policy. Changes occurring in the oil and gas sector are being assessed. Declining production and extreme price fluctuations are the realities of today. These changes require a more flexible response,” he added.
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