BAKU, Azerbaijan, March 5. Azerbaijan is among
the rare countries that manage to maintain balance in fiscal
policy, the country’s Deputy Prime Minister Samir Sharifov said at
a forum held in Baku titled “Looking to the Future in the Tax
System: New Governance Model and Data-Driven Decisions,” Trend reports.
“As a result of the reforms carried out and the programs
implemented, macroeconomic stability and fiscal sustainability have
been ensured, fiscal administration has been improved, our
financial position has significantly strengthened, and investment
attractiveness has increased. In short, the financial institutional
framework for resilience to shocks and for high-quality economic
growth has been reinforced,” he explained.
According to Sharifov, the growing uncertainty in the global
economy, fragmentation and trade protectionism, as well as the
acceleration of technological and energy transformations, have
created new challenges for Azerbaijan’s future socio-economic
development.
“By adequately assessing the seriousness of these challenges,
one of the topics of discussion at today’s forum will be
determining the contributions that the tax system has made and can
make to the formation of our country’s institutional potential and
governance experience in order to respond to these challenges,” he
pointed out.
The official noted that global developments are making economic
decision-making more complicated.
“The rising uncertainty and rising risks in the global economy
are creating new challenges for states. We shape our economic
policy not in isolation from global processes, but based on their
real impacts. Recent developments observed in the global economy
show that macroeconomic stability doesn’t form on its own. While
many countries are facing inflation, Azerbaijan is pursuing a
balanced policy. Changes occurring in the oil and gas sector are
being assessed. Declining production and extreme price fluctuations
are the realities of today. These changes require a more flexible
response,” he added.
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