Azerbaijan, Baku, 1 May / Trend corr. I.Khalilova / Elman Rustamov, National Bank of Azerbaijan (NBA) Board Chief, stated that the strategic food security program would be developed in Azerbaijan.
Azerbaijan would focus its attention on the food security because of the current world situation. According to research by international analysts, the countries which have resources should pay more attention to food problems within their own investment and economical policy.
"An important statement on this case is expected by the President soon. A new strategy of the food program will be developed," Rustamov stated. The President raised the issue of food security in the meeting dedicated to the results of socio-economic development for 2007.
Rustamov stated that funds would be allocated for this purpose from the State Budget, primarily to support the agrarian and industrial spheres. For this purpose there is a need to increase state investments which should become the dominant state policy for the next 5 or 10 years.
"We may have enough funds, but the population could experience a food deficit," Rustamov said. The target to develop the food program is to avoid such problems.
In this connection Rustamov proposes to allocate additional funds to subsidise the agrarian sector alongside with state investments. From other points of view, the real sector and farmers need protection and NBA is to submit proposals to Government to credit the agricultural sphere. NBA proposes to provide support to farmers through subsidized state credits by the creation of a credit corporative, a specialized development bank for rural areas, banks for farmers and other support.
"We are working over several projects within the framework of the strategy of food security program. This program is a very serious one and needs to be implemented soon," Rustamov stated.
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