WB: Azerbaijan's economy to develop at expense of nonoil sector for next 25 years


October 2, Fineko/abc.az. The World Bank is ready to continue assistance to Azerbaijan in development of the nonoil sector, in particular small and medium-sized businesses. 
Baku-based WB resident office’s head Navid Hassan Nagvi stated during forum "Application of new accounting standards in Azerbaijan: Problems & prospects" that development of small and medium-sized businesses directly affects country's economy growth. 
"Over the past 25 years Azerbaijan has developed at the expense of the oil economy and in the next 25 years it will develop at the expense of the nonoil economy. The WB is ready to provide the necessary support for development of the nonoil economy, in particular small and medium-sized businesses, which is the basis of growth of country's economy," he emphasized.
He added that the accounting-relating amendments passed to the legislation of Azerbaijan are a clear indicator of the correctness of the reforms implemented and will be the basis for development of small and medium-sized businesses. 
The above-mentioned forum was organized with the support of the WB and the Association of Risk Professionals of Azerbaijan (ARPA). 
The forum participants discuss the reforms in the sphere of accounting in Azerbaijan. The purpose of the event is to contribute to the simplification of the process of transition to new standards in connection with the amendments to the Law on Accounting, study possible problems associated with application of the new standards, strengthen cooperation between higher educational institutions, and develop an accounting education program.