By Azernews

By Amina Nazarli

A plenary session of the Azerbaijani Parliament started on March 17.

Prime Minister Artur Rasizade is presenting at the session a report on the activities of the Cabinet of Ministers in 2016, Trend reported.

Rasizade, firstly speaking about the financial sector, said that the country’s Financial Stability Board has prepared a plan of measures to solve problems in the financial and banking sector of the country, and the relevant state bodies have already begun to implement it.

“Difficulties in the financial and banking sector of Azerbaijan in 2016 give grounds to characterize it as a difficult year,” the prime minister said. "The unsatisfactory work of a number of banks, the criminal activities of the leadership of a systemically important bank -- the International Bank of Azerbaijan, further exacerbated the situation."

Taking into account the current situation, he said, the Financial Market Supervisory Body was created to improve the state administration in the financial sector and ensure macroeconomic stability.

"Having studied the existing problems, the Financial Stability Board has already prepared a plan of measures and the relevant state bodies have already begun to implement it," Rasizade said.

The prime minister also touched upon the situation on the world oil market.

"As a result of a sharp decline in world prices for hydrocarbons, Azerbaijan's revenues from their exports have significantly decreased," he said.