European Bank of Reconstruction and Development (EBRD) has revealed three key priorities of Azerbaijani economy for 2021, APA-Economics reports citing the EBRD.
The first priority is pursuing further governance reforms in the state sector would bring significant efficiency gains. The creation of a public company to manage SOEs is an opportunity to introduce best international corporate governance and management practices across the SOE sector. The second priority is shift in financial sector regulation back to the central bank is an opportunity to reinvigorate reforms. The current economic downturn will further accentuate weaknesses in the banking sector, including the regulatory framework and its supervision. Promptly addressing these drawbacks would support a faster economic recovery. The third one is continued implementation of energy sector reforms is needed. The development of a sustainable and competitive energy market with a sound regulatory framework and institutions will strengthen the economy’s resilience to future shocks.
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