On September 9, President Ilham Aliyev signed a decree "On the establishment of a new management framework for economic policy and economic reforms in the Republic of Azerbaijan and the abolition of Presidential Decree No. 995 of July 15, 2016 "On the establishment of the Financial Stability Board of the Republic of Azerbaijan." According to the document, the Financial Stability Board established in 2016 was abolished and a new Economic Council was established.The first meeting of the Economic Council established by the Decree of the Prime Minister of the Republic of Azerbaijan, President of the Republic of Azerbaijan Ali Asadov was held on September 10. Members of the Council are Aides to the President of the Republic of Azerbaijan Shahmar Movsumov and Natig Amirov, Aides to the First Vice President of the Republic of Azerbaijan Emin Huseynov and Khalid Ahadov, Minister of Economy Mikayil Jabbarov, Minister of Finance Samir Sharifov, Minister of Labor and Social Protection Sahil Babayev, Chairman of the Central Bank Elman Rustamov, and the Executive Director of the State Oil Fund Israfil Mammadov."The Economic Council fully understands its responsibility for the implementation of the complex and honorable tasks set by the President and will ensure that all necessary measures are taken in this direction."The statement came from Prime Minister Ali Asadov at a meeting of the Economic Council. He said that the Economic Council will report to the President on the work done every six months.But what is the purpose of the newly established Economic Council? What do the new strategic policy challenges highlighted in the decree mean?Economist Natig Jafarli answered ASTNA's questions on the subject.