Deputy PM: Azerbaijan's financial base strong against shocks

Azerbaijan's financial-institutional base against shocks has been strengthened, the country's Deputy Prime Minister Samir Sharifov stated at the forum titled "A Look into the Future of the Tax System: New Governance Model and Data-Driven Decisions," held in Baku, Report informs.

According to him, the restoration of Azerbaijan's territorial integrity has created new geopolitical and economic realities in the region.

The deputy prime minister added that as a result of reforms and programs implemented, macroeconomic stability and fiscal sustainability have been ensured, fiscal administration has been improved, the country's financial position has significantly strengthened, and investment attractiveness has increased.

"In short, the financial-institutional base has been consolidated for resilience to shocks and for quality economic growth. Nevertheless, rising uncertainty, fragmentation, trade protectionism in the global economy, and the acceleration of technological energy transformation are creating new challenges for future socio-economic development," he said.

Sharifov noted: "By adequately assessing the seriousness of these challenges, determining the contributions that the tax system has made and can make to the formation of our country's institutional potential and management practices in responding to them will undoubtedly be one of the topics of discussion at today's forum."