Main trends of economic reforms in Azerbaijan revealed

Baku. 23 June. REPORT.AZ/ Today, insurance companies with their financial and management capacities have become a stable institutional structures, which play a role in the economy.Important results achieved in the direction of the institutionalization of compulsory insurance."

Report informs, Chairman of the Financial Markets Control Chamber Rufat Aslanli said at today's International Insurance Forum (AIIF 2016) in Baku.

He said that important steps have been taken in past five years in the formation of the insurance sector:

"The legal basis of insurance formed and secured. Legal platform robust enough to handle implementation of the activities."

"This forum will help identify new views on the economic dynamics. The last 5-6 months, the government is engaged in reforms. Authorities conducted important reforms for branching economy. Azerbaijan has turned from a country with low income to country with an average", R.Aslanli said.

He noted that the decline in energy prices had impact on Azerbaijan: "The purpose of the current reform is to ensure a high level of welfare through the development of non-oil economy."

According to him, the economic reforms cover four main trends: "First, we are working to create a stable macroeconomic environment. In second, the aim is to create an economic environment that would ensure the reduction of transaction costs in the business. These measures are supported by a strong political will of the government. Thirdly, it is necessary to ensure a wide access to the investment and financial services. We have prepared a plan and its implementation has already begun. This is a broad priority areas of the government's reform program."