State Budget 2020 Adopted, Possible Changes Announced by Ministry of Finance Not Occurred

The trend of state borrowing has been increasing significantly in recent years. The primary catalyst for this surge was the global coronavirus pandemic in 2020. Across the world, state borrowing has gained even more momentum. The UN document [1] states: “Globally, government debt has nearly doubled since 2010, reaching a historic record level of $97 trillion in 2023. Rising interest rates are putting even more pressure on government budgets, especially in developing countries. Today, more than 3.3 billion people live in countries that spend more on debt interest payments than on education or healthcare.”

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.