An efficient public debt management system is imperative for sustainable economic growth, better governance and poverty alleviation.
UNCTAD and Azerbaijan have signed an agreement to help the country better manage its public debt.
Secretary-General Mukhisa Kituyi and the country’s finance minister Samir Sharifov signed the agreement on 25 October in the capital, Baku, on the sidelines of the 18th Summit of the Non-aligned Movement.
The agreement covers the procurement and implementation of UNCTAD’s debt management and financial analysis system (DMFAS).
Financed mainly by the Swiss State Secretariat for Economic Affairs (SECO), with further support from the Asian Development Bank (ADB), the project aimed at improving Azerbaijan’s management of public debt and guarantees will run for three years.
Minister Sharifov outlined the reforms conducted by his country in the areas of public financial management, public debt management and a newly adopted public debt management strategy during the signing ceremony attended by representatives of SECO and ADB.
“It’s hard to imagine the development of a contemporary financial system without debt. However, proper management of the debt can create economic growth and development,” Mr. Sharifov said.
Dr. Kituyi lauded Azerbaijan’s successful management of the country’s recent economic crisis and expressed UNCTAD’s readiness to render technical assistance and continue positive cooperation with the government.
“A more efficient public debt management system is imperative for sustainable economic growth, better governance and poverty alleviation,” Dr. Kituyi said.
He added that an efficient public debt management system would facilitate transparency and accurate reporting of domestic and private debts.
UNCTAD will supplement the implementation of DMFAS with capacity-building activities to boost national capacity in the collection of reliable debt data and effective reporting – key success criteria of the project.
Maximizing synergies with UNCTAD's research and analytical work on debt management and debt sustainability, the DMFAS programme provides solutions to problems faced by debt management offices in various countries.