Sustainable socio-economic progress of our republic under the leadership of the President Ilham Aliyev serves the interests of the population and the consolidation of our economy, the development of the non-oil sector and free entrepreneurship. The Head of State set the task of active participation of banks in financing economic growth at the economic meeting.
The tasks arising from these tasks were discussed with representatives of the banks operating in the country at a round table discussion at the Ministry of Justice.
The purpose of the round table was to discuss the possibilities for the effective functioning of banks, which play an important role in the socio-economic development of the country, the legal protection of their rights, the implementation of court decisions on loan repayments, problems in this field and perspectives for their solution, to encourage banks credit portfolio to be directed on financing of the real sector of the country economy.
The event was attended by the leaders of the Ministry and heads of relevant structures, the heads of the Azerbaijan Chamber of Control over the Financial Markets, Azerbaijan Banks Association and the banking sector, as well as judges from all instances.
Vice-Minister of Justice Azar Jafarov said that the growth in the economy, including the non-oil sector is closely linked to the provision of cash and capital turnover by banks and noted that,the President's instructions on the activities of banks at the recent economic meeting once again demonstrate the importance of increasing attention to this area.
The speeches were made at the event on improving judicial protection of entrepreneurs' rights, cooperation between the notary bodies and banks, the performance of credit organizations and the perspectives of mutual cooperation in this field, innovative solutions in credits legal provision, problems arising in expertise execution on credit-money relations and the characteristics of judicial disputes on the works shared with the banks.
It was noted that, today the country is taking serious steps to develop the non-oil sector and free entrepreneurship, state support for this area is constantly increasing, protection of entrepreneurs' rights is being strengthened, legislative and institutional measures are being implemented.
The Ministry of Justice has been closely involved in this area to improve legislation for speeding up the resolution of business disputes, to simplify the procedure for consideration of small claims, to ensure the conduction of court proceedings electronically through the "Electron Court" information system. New commercial and administrative courts have been set up to deal with entrepreneurial disputes with the Decree of the head of state on April 3, 2019 “On deepening of the reforms in the judicial-legal system”.
At the same time, there were made opportunities for the plaintiffs, including banks, to solve the problems on money and property claims during 24 hours by the notary’s executive record through the electronic system without going anywhere, and the number of beneficiaries is growing rapidly.
All of these also create favourable conditions for the effective organization of banking activities in line with modern challenges.
At the same time, the round table highlighted the current situation and innovations in the field of enforcement of court decisions, the drafting of the Executive Code to regulate the executive activities, the implementation of the "Electron Execution" information system. It has been reported that alternative mechanisms will be applied for enforcement of decisions of courts and other bodies with relate to acute increase of work volume to 776,000 within 9 months of this year and execution of the Decree on April 3, as well as international practice will be studied and applied in pilot form on commitment of execution to private structures.
It was noted that the introduction of tens of thousands of cases on troubled loans of banks led to a significant increase in the workload and it was noted that the necessary measures were taken to establish business relations with the Azerbaijan Banks Associations on the execution of works of this category.
During the event with constructive dialogue and open discussion, the President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev stressed that, the banking sector has turned into one of the leading sectors of the economy today as a result of successful economic policy founded by the national leader Heydar Aliyev and continued by the President Ilham Aliyev.
He said that, the Decree of February 28, 2019 on solution of troubled loans, as a visual manifestation of the care of the citizens, providing public support for the repayment of overdue debts, serves for compensating financial loss of population, increasing the welfare of the population, enhancing the efficiency of the banks.
Z.Nuriyev noted that the Head of State has set a very specific task for more active lending to businesses in the recent economic meeting, spoke about problems arisen in payment of non-guaranteed and non-mortgaged loans and holding of auctions, underlined the importance of speeding up the execution of court decisions related to loan repayments and operative solution of judicial disputes.
Noting effective cooperation with the Ministry of Justice in this area, the President of the ABA said that the Ministry has always reacted operatively to the issues raised by banks, noting the works done in the judicial and legal fields, shared his visions on adaptation of executive legislation to modern challenges, perspectives of use of private executive mechanisms, application of innovations and development of mutual activity of the banks in notarial and expertise fields.
In the event the representatives of the banking sector was listened and clarified questions of interest. Joint working groups have been established for operative solution of the current and emerging issues.
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