Baku expected to host Global Conference on State-Owned Enterprises in 2027

The next meeting of the Global Conference on State-Owned Enterprises is expected to be held in Baku next year.

According to Report, citing Azerbaijan's Ministry of Finance, the issue was agreed upon during the Annual Meetings of the International Monetary Fund (IMF) and World Bank Group in Bangkok, Thailand.

First Deputy Minister of Finance Anar Karimov attended a meeting of the IMF constituency group that includes Azerbaijan on Thursday.

The meeting, also attended by Central Bank of Azerbaijan Governor and Azerbaijan's Governor at the World Bank Taleh Kazimov, discussed the current state of the global economy and financial markets, as well as measures being implemented by the IMF and World Bank Group to reduce poverty and support economic development in emerging economies.

Karimov also attended the plenary session of the IMF and World Bank Group Annual Meetings on Friday.

At the session, attended by senior government officials from member countries and representatives of central banks and international financial institutions, IMF Managing Director Kristalina Georgieva and World Bank Group President Ajay Banga spoke about the current state of the global economy, prospects for global economic growth and key challenges.

Their remarks also addressed the growth of global public debt and the need to ensure debt sustainability, particularly in developing countries.

Karimov also met with IMF Deputy Managing Director Bo Li.

The meeting focused on the current state and development prospects of Azerbaijan's economy, trends in key macroeconomic indicators, and the current state and future directions of cooperation with the IMF.

Karimov briefed Li on measures being taken in Azerbaijan to maintain macroeconomic stability, diversify the economy and strengthen fiscal sustainability.

He also highlighted reforms aimed at improving and digitalizing public financial management, developing the non-oil sector, diversifying budget revenues, introducing performance-based budgeting and strengthening the monitoring of fiscal risks.

The first deputy minister emphasized the importance of cooperation with the IMF in public financial management, medium-term budget planning, implementation of fiscal rules and institutional capacity building.

He also stressed the importance of expanding IMF technical assistance to continue reforms in these areas.

For his part, Li shared his views on the slowdown in global economic growth and the impact of risks in the international economic environment on countries' development prospects.

He positively assessed the results achieved by Azerbaijan in diversifying its economy, increasing non-oil revenues and strengthening fiscal sustainability, and said the IMF was ready to continue supporting the country in these areas.

The Azerbaijani delegation also met with World Bank Vice President for Europe and Central Asia Antonella Bassani.

The meeting reviewed existing cooperation with the World Bank and prospects for its further development. The sides highly appreciated the Bank's continued support for Azerbaijan's development priorities and reform agenda and emphasized the contribution of the long-term partnership to the country's socioeconomic development and institutional capacity building.

Karimov provided information on reforms implemented in Azerbaijan in the monitoring of state-owned enterprises and analysis of their financial statements, and highly appreciated the World Bank's technical support in this area.

The meeting also noted that a preliminary agreement had been reached with the World Bank to organize the next Global Conference on State-Owned Enterprises in Baku in 2027, with preparations already underway.

During the visit, the Azerbaijani delegation also met with representatives of Bank of America to discuss Azerbaijan's access to international capital markets, diversification of sovereign financing instruments and prospects for cooperation in financing major infrastructure projects.

The sides exchanged views on making effective use of opportunities offered by international financial markets and increasing Azerbaijan's investment attractiveness.

Karimov later met with Patryk Loszewski, Executive Director of the IMF constituency group that includes Azerbaijan.

The meeting covered the main areas of cooperation between Azerbaijan and the IMF, interaction within the framework of Article IV consultations, and Azerbaijan's macroeconomic priorities.

The sides emphasized the importance of strengthening Azerbaijan's representation in the constituency group and continuing coordination within this framework.

The Azerbaijani delegation also met with representatives of international rating agency Moody's.

The meeting included an exchange of views on Azerbaijan's sovereign credit profile, its position in international financial markets and strengthening investor confidence.

Karimov said the upgrade of Azerbaijan's sovereign credit rating to investment grade was an important indicator of international recognition of the country's macroeconomic stability, strong fiscal position and external resilience.

He described Moody's decision to upgrade Azerbaijan's sovereign credit rating from Ba1 to Baa3 while maintaining a "positive" outlook as an important step in recognizing the results of the country's economic reforms internationally.

In addition, a meeting with French banking group Societe Generale reviewed the current state and development prospects of cooperation.

The sides discussed opportunities for cooperation in financing investment projects in Azerbaijan, expanding private-sector access to finance, as well as digital financial solutions and sustainable financing.