Vusal Gasimli, the Executive Director of the Center for Analysis of Economic Reforms and Communication (CAERC), participated in the opening ceremony of the Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC) of the International Monetary Fund (IMF) in Almaty, Kazakhstan.

In his speech, Vusal Gasimli stated that President Ilham Aliyev set the target upper limit of the ratio of the non-oil base deficit to the non-oil gross domestic product (GDP) of the general budget at 17.5 percent for the medium term and 25 percent by the end of 2023. He also mentioned that the target upper limit of the ratio of public debt to GDP for the medium-term period was set at 20 percent. The Executive Director of ICRC added that Azerbaijan complies with both medium-term fiscal rules. He emphasized that the medium-term expenditure framework and the implementation of a results-based budget have been identified as key priorities in Azerbaijan. To align the budget expenses for the pilot units of the functional classification with the Sector Strategic Plan and strategic goals, the expenses are structured by program, subprogram, and measures. Outcome indicators have been defined for each strategic goal and measure.

Gasimli highlighted that the main fiscal challenges for the Caucasus and Central Asia are the establishment of fiscal buffers, management of fiscal risks, and the strengthening of fiscal rules and institutions.

During the event, Gasimli met with Kristalina Georgieva, Managing Director of the IMF. Georgieva expressed her gratitude to Azerbaijan for its support in establishing CCAMTAC and highly appreciated the cooperation between Azerbaijan and the IMF.

The event was also attended by Kristalina Georgieva, Managing Director of the IMF; Galimzhan Pirmatov, Chairman of the National Bank of Kazakhstan; Erbolat Dosayev, Mayor of Almaty; Behzod Hamrayev, Deputy Chairman of the Central Bank of Uzbekistan; Martin Galstyan, Chairman of the Central Bank of Armenia; Mardangulu Palivanov, Deputy Chairman of the Central Bank of Turkmenistan; and Archil Mestvirishvili, Deputy Chairman of the National Bank of Georgia. Vahe Hovhannisyan, Minister of Finance of Armenia, and Yekaterina Guntsadze, Deputy Minister of Finance of Georgia, also participated in the event.