Azerbaijan, Baku, 17 June / corr. Trend I Khalilova/ The Azerbaijani government and international organizations are focusing their attention on fiscal stability due to a rise in the oil revenues of the country. The World Bank, on its part, will hold seminar for the economic governmental agencies of Azerbaijan in this regard. The seminar will be held on 19-20 June in Baku, the Baku Office of WB said on 17 June. [The income of State Oil Fund of Azerbaijan is expected to increase by three times and reach $10bln].
The senior economist of the Bank, Christos Kostopolus, is in Baku at present for this purpose. The seminar will cover the budget and macroeconomic policy and budget income.
At present, WB is holding consultations with the Azerbaijani government to develop an economic memorandum on the country, which will include the assessment of the economic situation in various aspects. The Bank is studying the possibilities of growth in Azerbaijani non-oil sector which will be indicated in the economic memorandum.
WB is developing combined proposals on potential sectors with good prospects for long-term and lasting economic growth. These sectors can be met within agriculture and non-oil industry.
"It is a very useful document which can be used by the economic agencies of the government in forming an economic policy as the studies of the leading WB economists are recognized all over the world," a source in the National bank of Azerbaijan said.
The economic memorandum is being developed for Azerbaijan for the first time, while such document is developed in several countries, for instance, in Russia, regularly. WB has developed so far reviews on government revenues and others for Azerbaijan.
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