Azerbaijan has established an Economic Council to protect the country’s macroeconomic stability and accelerate the socio-economic developments, the president’s press service has reported.

The council will make proposals to determine the direction of the economic policy and reforms aimed at preventing possible external and internal influences in the country’s economy.

President Ilham Aliyev signed the relevant decree on the “creation of a new management framework for economic policy and economic reforms in Azerbaijan” on September 9. With this decree, the previous decree signed the president dated July 15, 2016 “On Establishment of the Financial Stability Board of Azerbaijan” has been annulled.

The Economic Council will be chaired by the country’s Prime Minister.

The council will also make proposals for the formation of economic policy for the current and medium-term by studying the processes taking place in the global and national economy, including the fiscal and monetary sectors, as well as the financial and banking sector.

The reasons to establish the Economic Council is the new strategic policy challenges for the Azerbaijani economy that have been cause by decline in potential economic growth in the world economy in recent years, a significant increase in price volatility in commodity markets, increased fragility of global financial stability, in particular, the coronavirus pandemic.

Presidential Administration Department Heads of Economic Affairs and Innovative Development Policy and Economic Policy and Industry, Assistants to the First Vice President, Ministers of Economy, Finance, Labor and Social Protection, Chairman of the Central Bank and Executive Director of the State Oil Fund have been appointed members of the council.