On March 2, President Ilham Aliyev signed a decree on application of the law on changes to the state budget, according to which 320 million manats will be allocated for currency regulation, which was not provided for the previous budget..
The preparation and organization of international sports competitions is to be allocated 403.2 million AZN that is 79.2 million manats more than in the previous edition of the state budget.
For the financial health of state enterprises, including an increase in registered capital, covering losses and consultants, not 117 million but 153 million AZN will be allocated.
The target budgetary fund Motorways will receive 261 million manats instead of 290 million manats.
The costs of the State Committee for Securities and the Financial Services Authority under the Ministry of Finance are excluded from the state budget. Built on their basis, the Chamber of Supervision of Financial Markets (public entity) will work on self-financing basis.
For the provision of soft loans to entrepreneurs 70 million AZN will be allocated, 4 million manats more than the same document provided.
About 1 million manats is savings from the merger of the State Flag Square and the Seaside Boulevard Office. ----08B
Economics
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
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