State Borrowings: Foreign Exchange Reserves and High Revenues

On September 23, during his speech[1] at the first session of the Seventh convocation of the National Assembly of the Republic of Azerbaijan, president Ilham Aliyev also touched upon the budget priorities for the following year. In his speech, he stated that the primary task is to increase our military strength, adding, “If we reduce our attention to the military sphere and do not provide the necessary funding, we may face problems in the future.” He emphasized the task of restoring Karabakh and Eastern Zangezur. Additionally, the president announced that the minimum wage and minimum pension will be increased in the coming year. Thus, the head of state announced that defense, investment, and social expenditures will be increased in the 2025 budget.

BP has entered into an agreement with Apollo Funds to sell a non-controlling stake in BP Pipelines TAP Limited, which holds a 20% stake in Trans Adriatic Pipeline AG (TAP), a key infrastructure facility that plays an important role in meeting Europe's energy needs. It is the final 880-kilometer section of the Southern Gas Corridor, which transports natural gas from the Shah Deniz field in the Caspian Sea (Azerbaijan) to European countries such as Greece and Italy.. The $1 billion deal is expected to be completed by the fourth quarter of 2024 after regulatory and partner approval.

Pro-government media and experts claim that by hosting Formula 1, Azerbaijan demonstrates its economic strength, development, hospitality, and multicultural values to the world.

Since 2016, Azerbaijan has been hosting the Formula 1 Grand Prix. The race was not held in 2020 due to COVID-19 and was conducted without spectators in 2021. The initial contract for the event was supposed to end in 2020, but it was extended for another three years. In 2023, Azerbaijan secured the continuation of its hosting rights until at least 2026[1].