What Does the 2025 Budget Promise?

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.”

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].