Medium-Term Budget Planning Discussed at CAERC
A delegation from the World Bank visiting Azerbaijan held meetings at the Center for Analysis of Economic Reforms and Communication (CAERC). The World Bank mission included experts Lan Hokesworth, Yelena Bondarenko, and Yelena Nikulina, who were received by CAERC’s Executive Director Vusal Gasimli. The meeting mainly focused on issues related to Medium-Term Budget Planning.
Vusal Gasimli provided information on the economic reforms being implemented in the country. He noted that under the leadership of Ilham Aliyev, Azerbaijan successfully overcame the challenges caused by external shocks in 2017, restored macroeconomic stability, and identified key trajectories for sustainable development in the subsequent period. He emphasized that CAERC currently operates a well-equipped laboratory with strong software capabilities and advanced economic analysis and forecasting potential, enabling macro- and microeconomic analysis in line with the Center’s mandate to support sustainable economic development.
In accordance with the Strategic Road Maps, a “golden rule” approach is being applied to ensure the rational use of oil revenues, alongside the creation of a necessary fiscal framework for public debt management. In this context, further strengthening the Medium-Term Expenditure Framework, enhancing budget governance, and aligning it with results-based budgeting are seen as key measures to improve the efficiency of public spending and reduce volatility stemming from oil revenues.
The meeting also included an exchange of views on ongoing work in fiscal statistics, forecasting, and institutional capacity building.
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