Public Finance Monitoring Center

	Workshop for Reporters on Covering Oil Wealth to be held in Baku November 19, 20 and 21
	Address: 69, Fizuly str., Baku 370601, Azerbaijan Phone/Fax: +(99412) 973172, 992014, 973089 E-mail: iakhmedov@online.az, farid@pfmc.az www.pfmc.az

Some 25 Azeri and Georgian reporters will attend a workshop on "Covering Oil Wealth" to be held in Baku on November 19, 20 and 21. The event is being organized by the Initiative for Policy Dialogue, an international network of economists based at Columbia University in New York, and by the Public Finance Monitoring Center.

Featured speakers include Nobel Laureate Joseph E. Stiglitz, PFMC director Dr. Ingilab Akhmedov, Columbia University adjunct professor Jenik Radon, Azeri economist Nazim Imanov and Sabit Bagirov, the chairman of the board of Transparency International in Azerbaijan, World Bank economist Emin Huseynov.

The conference is being held to help reporters enhance their coverage of the effects that resource wealth can have on Azerbaijan and to raise awareness about the need for improved transparency and corporate governance.

"Azerbaijan is at a crossroads and we really hope the government and civil society can work together to make sound decisions about how oil monies can be used to promote development which will help everyone," said Professor Joseph E. Stiglitz. Stiglitz will give the opening talk on Wednesday November 19.

Managing oil wealth is a challenge for developing and transition countries. Despite their ability to generate large earnings, most countries with natural resources have failed to convert these into sustainable economic growth, human development, and democracy. It is important that journalists understand these challenges, so that they can communicate to the public the challenges and progress in managing Azerbaijan's oil and gas wealth. Nations need to decide how they can deal with influxes of large revenues without producing distortions of income inequality, corruption, misallocation of resources and macroeconomic imbalances such as high inflation and low growth.

Reporters attending the workshop will participate in discussions about the effect that oil wealth can have on other countries and learn about how other countries have coped with these development challenges.

"We are delighted to invite Azeri and Georgian reporters to such an impressive conference," said Public Finance Monitoring Center director Ingilab Akhmedov. "We are sure this meeting will raise awareness about some key issues for Azerbaijan "

The event will be held on Nov 19, 20 and 21 in Baku. The event is part of a series of workshops and meetings being planned by Caspian Revenue Watch. CRW is part of the Open Society Institute and in June released a report "Caspian Oil Windfalls: Who Will Benefit?" (The report can be found at www.eurasianet.org/caspian.oil.windfalls)

The Public Finance Monitoring Center was responsible for organizing the logistics of the meeting and inviting local reporters to participate. IPD journalism training director Anya Schiffrin prepared the program, invited the guest speakers and will be responsible for follow-up activities. IPD has a website for journalists who cover finance and economics which can be found on www.journalismtraining.net

The event is being funded by the OSCE, the Open Society Institute (courtesy of the East-East Program and the Network Media Program) and the Initiative for Policy Dialogue.