A meeting of the Cabinet chaired by Prime Minister Artur Rasizade, which discussed the draft state and consolidated budgets for 2016, the concept and forecasting economic and social development for the coming year and the next three years. The official statement of the government does not have any figures on the discussed issues. The press service of the Cabinet of Ministers noted that at the meeting spoke A.Rasizade , and noted the social orientation of the state budget. Finance Minister Samir Sharifov and Minister of Economy and Industry Shahin Mustafayev also spoke at the meeting. A decision was adopted on the transfer of the state budget and other documents to the President. The economist Rovshan Agayev believes that the government taking into account the decline in revenues decided to reduce the investment costs.
Analyzing the performance of the state budget in 2013-2015 economist Gubad Ibadoglu concluded that the government does not have a deliberate medium and long term fiscal policy . "It is a new and difficult economic situation for the government: the fall in world oil prices and the decline in government revenues. In this budget revenues will decrease compared with 2013 year by 5 billion manats or 10 billion. US dollars at the exchange rate of the manat before its devaluation in February this year. Therefore, it will be difficult for the government to predict the parameters of the state budget for 2016 that would ensure macroeconomic and social stability and economic growth," said Gubad Ibadoglu. State budget revenues for 2015 have been confirmed at 19 438 million manat, expenses - 21.1 billion manats. -08D-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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