Oil Fund’s International Relations

The activity of the State Oil Fund of the Republic of Azerbaijan in international relations sphere is enhancing from year to year.

The development areas and objectives of the Oil Fund's international relations can be classified as follows:

      - Cooperation aimed at promoting relations with multilateral International Financial Institutions;

      - Cooperation with international organizations with regards to application, study and sharing of experience;

      - Building business relations and contacts and enhancing existing partnership relations.

As the Fund's financial activities grow in scope and volume as well as its role in financing strategically significant projects enhances while the State Oil Fund's financial assets continually grow, the attention and interest of international financial institutions to the Oil Fund is also increasing. Experts of international financial institutions, including the International Monetary Fund and the World Bank regularly visit the Oil Fund. During the visits they exchange views with respect to the growth patterns of the Oil Fund's assets, the State Oil Fund's place and position in developing the country's financial system and macroeconomic regulation policy as well as possibilities and options of using modern regulatory and financial mechanisms and the Fund's investment policy.

Application, learning and sharing of best international practices and experience is specifically essential for development and promotion of the Oil Fund's international relations. Since the establishment the Oil Fund has continually studied best international practices for improvement of the Fund's legal and regulatory framework and application of methodologies for evaluating the effects of oil revenues of macroeconomic dynamics, implementation of advanced, new modern economic mechanisms is specifically important in this field.

Since the State Oil Fund's operations, especially the results of the Extractive Industries Transparency Initiative have always been a matter of interest of internationally renowned non-governmental organizations, measures are taken to build relations with such organizations as well, meetings are being regularly held with a number of internationally known non-governmental organizations to share views and opinions with respect to issues of their interest.