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  17 March 2011, Baku. Elman Rustamov, Governor of the Central Bank,
holds a series of meetings during Azerbaijan Days in Washington

Elman Rustamov, Governor of the Central Bank, met with the WB President Robert B.Zoellick and IMF Chief
Economist Olivier Blanchard within the framework of Azerbaijan Days held at the WB Headquarters in

E.Rustamov and Robert B.Zoellick exchanged views on history of development of cooperation between the WB
and Azerbaijan, achievements resulting from this cooperation and prospects of future cooperation and
discussed diverse directions of economic growth strategies on the country.

E.Rustamov emphasized that the WB has supported Azerbaijan on establishment of the market economy in
the country, launch of grounds for economic growth, poverty reduction and creation of up-to-date infrastructure,
improvement of macroeconomic management, health reforms, development of the financial sector and that the
WB’s pragmatic and balanced view to launch “equilibrated” liberal strategy of economic reforms has always
given rise to confidence and interest. It was mentioned that according to the volume of the existing portfolio of
the WB, Azerbaijan is one of the leaders in Europe and Central Asia. The portfolio keeps pace with sustainable
economic growth and challenges of diversification. Necessity of intelectual exchange was materialised as a
direction of new strategic cooperation at the meeting.

The Parties touched upon joint projects of Azerbaijan and the World Bank. It was noted that, currently the WB is
actively working on a new project - strategic reforms in education that is one of the priorities for our country.
“We consider that this project should cover all levels of education and be systematic,” – E.Rustamov said.

Mr.E.Rustamov and Mr.R.Zoellick also exchanged views on business environment in Azerbaijan.

Mr.Elman Rustamov, Governor of the Central Bank held a bilateral meeting with IMF Chief Economist Olivier
They discussed current status of the cooperation between the IMF and Azerbaijan and prospects of
future cooperation. Mr.E.Rustamov also provided in-depth information on development of the banking sector in
2010, medium- and long-term strategy of the monetary policy of the Central Bank, as well as macroprudential
and supervisory measures taken to strengthen financial stability.

Among the issues disscussed at the meeting as well were the global economic situation and growth
opportunities in Azerbaijan, rules of macroeconomic policy in oil producing countries, frames of post-crisis
monetary and financial stability policies.

In his turn Mr.O.Blanchard spoke of great contribution of Azerbaijan Days in development of bilateral relations,
and mentioned incremental development of this cooperation in future.

During Azerbaijan Days the Central Bank Governor also met with Michel Mordasini, Executive Director
of the World Bank and Rene Weber, Executive Director of the IMF.

E.Rustamov informed the guests on economic standing of Azerbaijan, and stated that, economic growth
increased by 3 times as much within seven years and that today Azerbaijan is in leading position in the world
according to economic growth rate. The Governor further highlighted implementability of joint reseraches by the
WB, the IMF and the Central Bank in the areas of significance for the Azerbaijani economy.

In their turn, Mr.M.Mordasini and Mr.R.Weber expressed their satisfaction with high level relations between
Azerbaijan and the international structures they represent.

The IMF Executive Director said that, Azerbaijan has great success and colorful expertise on proper utilization
of oil revenues and that Azerbaijan may greatly contribute to development of other countries, especially African
countries through sharing this expertise with the countries in question. The Parties spoke about the work done
on development of the private sector; it was mentioned that, work to be provided to continue reforms and ease
procedures may make Azerbaijan a leader in the field.

Future mutual cooperation between Azerbaijan and the WB and the IMF was discussed at the meeting as well.
At the end of the meeting Mr.E.Rustamov presented commemorative gifts reflecting the Azerbaijani culture to
executive directors of both entities.

During the visit Mr.E.Rustamov held meetings with Theodore Ahlers, Regional Operations Director for Europe
and Central Asia, World Bank as well as Asad Alem, the WB Regional Director for the South Caucasus.
Mr.Asad Alem advised Mr.E.Rustamov on present projects of the WB on Azerbaijan during the meeting where
issues of mutual cooperation were discussed. He informed that, the project on modernization of capital
markets as well as the project on irrigation system of Azerbaijan will be discussed at the Board of Directors
on 17 April.

During the visit Governor of the Central Bank Mr.Elman Rustamov met with the Azerbaijani community of the
WB and the IMF and students studying in the US.
E.Rustamov, addressing the meeting stated that, the
greatest value for our country is human capital. Increase in number of the Azerbaijanis working for the World
Bank and the International Monetary Fund signifies extensive representation of our country.

“Approval of the State Program on Education of Azerbaijani youth in foreign countries in 2007 – 2015”, year by
year rise in expenditures on education in the state budget in order to provide foreign education of Azerbaijani
youth on professions crucial for the country and their transformation to crucial factor of the country development
is directly connected with the fact that President Mr.Ilham Aliyev finds education as one of the top priorities
of the state policy,” E.Rustamov said.

E.Rustamov shared his opinions on the status of the national economy amidts the global crisis within the last
two years, preventive measures to fight the global crisis, new strategic challenges in economic development
of the country with the students.

E.Rustamov informed that, based upon the instructions of President of Azerbaijan Mr.Ilham Aliyev the
government has strengthened activities on development of free entrepreneurship and active search for
intellectuals has been launched in the country.

At the end of the meeting participated by the delegation of the Central Bank, Shamhar Movsumov, CEO of the
State Oil Fund, Yashar Aliyev, the Ambassador of Azerbaijan to the USA Elman Rustamov responded to the
participants’ questions and exchanged views on topics they are interested in.

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