A meeting of the Chamber of Accounts
The Accounting Chamber of Azerbaijan (ACA) at the meeting of 22 November discussed and approved the results of the audit of public funds to repair and logistics academic building State Agrarian University.
In addition, the approved audit of public funds spent on line utilities to Garadagh, Khazar district of Baku and Shamkir District. Summed up the tax inspection of the JSC "Azerelektrikshebeketikinti."
The board meeting approved on the audit of the financial projections of the State College of Medicine of the Nakhchivan Autonomous Republic.
The Accounting Chamber of Azerbaijan, is generally limited to general statements about the board meeting, without giving specific numbers and data. According to Article 6.0.3 of the Law of Azerbaijan "On receipt of information" ("The basic principles of information"), the disclosure of information on budget revenues and expenditures is the responsibility of government agencies, including the Chamber. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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