Azerbaijan will prepare mid- and long-term strategy for repayment of debts

Baku. 28 December. REPORT.AZ/ The Cabinet of Ministers of the Republic of Azerbaijan has to provide proposals for development of regulatory basis for Financial Stability Council to head of state within three months.

Report informs, referring to decree of the President on implementation of law of the Azerbaijan Republic on state budget for 2017.

The main objective of the decree is improvement of operations of Financial Stability Council and creation of efficient execution guidelines for its decisions aimed at improvement of macroeconomic stability and provision of financial sustainability in the country.

Besides, Cabinet of Ministers has to develop and present to the President within 6 months the proposals for determination of upper limit of transfers from State Oil Fund to state budget and new fiscal guidelines aimed at improvement of fiscal sustainability.

At the same time, medium- and long-term strategy for management of state debts should be developed and submitted to the President.

According to the decree, Financial Stability Council has to ratify Monetary program for 2017, Action Plan (including, action plan for acceleration of measures for rehabilitation of International Bank of Azerbaijan OJSC) to ensure macroeconomic and financial sustainability in 2017 and medium term and its appropriate execution.