Ministry of Finance to support banks in crisis with the help of a new agency

Wed 16 Oct 2019 15:39 GMT | 19:39 Local Time

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The powers of the Ministry of Finance have been expanded, this is reflected in the decree “On measures to improve the activities of the Ministry of Finance of the Republic of Azerbaijan” signed by President Ilham Aliyev today, APA reports.

The responsibilities of the Ministry of Finance include the management of public debt and financial obligations with the help of the Agency for the Management of Public Debt and Financial Liabilities, servicing public debt and debt arising from government collateral in the event of a threat to the disruption of the financial and economic balance in the country's economy at the expense of state funds providing urgent liquidity to financial and banking organizations that play an important role in financial in the country's banking and payment systems, as well as strategically important non-financial economic entities after agreement with the President of the Republic of Azerbaijan through the Agency for Management of Public Debt and Financial Liabilities under the Ministry (place fixed-term deposits in them or purchase issued fixed-term debt securities).

The obligations of the Ministry of Finance are also supplemented by the calculation of state financial obligations according to special financing principles with the help of the Agency for the management of public debt and financial obligations, including projects and initiatives proposed to be implemented on the basis of partnership between the state and private entities, risk assessment and their distribution, provision of an opinion on financial support and an explanation of those who disagree with the conclusion of their rights in connection with the possibility of appeal a higher executive authority.

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