Vusal Gasimli: Financial Stability Council will coordinate fiscal and financial policies

Baku. 19 July. REPORT.AZ/ The importance of the Financial Stability Council (FSC), created in order to strengthen macroeconomic stability and financial stability, to provide a coordinated policy in this area, to achieve effective regulation and enforcement practice, is very high.

Report informs, Executive director of the Center for Analysis of Economic Reforms and Communication Vusal Gasimli said.

According to him, FSC, which was created by the decree of President Ilham Aliyev, includes the heads of structures responsible both for financial and fiscal policy: "This means that, there was established a more flexible unified platform for harmonizing financial and fiscal policy. Three parties are presented in the FSC. The Presidential Administration, the Ministry of Economy and Ministry of Finance, which are directly subordinated by the Cabinet of Ministers, as well as Central Bank, Financial Markets Control Chamber and the State Oil Fund of Azerbaijan Republic (SOFAZ). Thus, the structures responsible for economy are combined on a single platform. Thus, leadership of the FSC by the Prime Minister will provide system coordination in the area of macroeconomic and financial stability."

According to him, the FSC will mobilize all resources for more accurate determination of macroframes, as well as creates the ground that fiscal and financial policies can complement each other. V.Gasimli stressed that international experience showed the effectiveness of association of the structures responsible for different areas of economic policy on the same platform and the newly created Council will play an important role in ensuring macroeconomic and financial stability in Azerbaijan.