The government of Azerbaijan and the Central Bank of the country must provide necessary liquidity for the development of national economy , said President of the (South) Korea Deposit Insurance Corporation (KDIC) Joo Hyun Kim.
He was speaking at an international conference “Solving Problem Loans: Experience of Azerbaijan and Republic of Korea” organized by the Center for Economic Reforms and Communications and the South Korean Embassy in Azerbaijan in cooperation with the Korea Development Institute, Trend reports.
Joo Hyun Kim said that the government’s provision of liquidity to the economy is important because global financial markets are at a freezing stage, which leads to a crisis in the credit sector.
Further, he noted that in order to improve liquidity, the capitalization of banks should be increased in order to remove “toxic” assets from their balance sheets.
He also stressed that the Republic of Korea has unique experience in terms of rapid economic development. He explained that the reason for such development is related to competent government and creation of institutional structures, financial markets and industry spheres.
Having expressed interest in participating in the conference in Baku, he said that the Republic of Korea, in turn, may also benefit from the experience of intensively developing Azerbaijan.
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