The Accounting Chamber of Azerbaijan (SPA) at a meeting on April 8 discussed and approved the results of the audit of government spending of funds allocated to the department of housing and communal services of the Executive Power of Ujar. In particular, the auditors were interested in the article of utility costs and rational management.
Also conducted an audit of the financial performance of irrigation and water systems and winter pastures Pirsaat "Azerbaijan reclamation and water management" in Hajigabul.
Accounting Chamber of Azerbaijan, reporting to the parliament, in force since December 7, 2001, as the body that controls the flow budget AR.
Leading employees (members of the Board, which consists of a chairman, his deputy and seven auditors) are elected every 7 years.
Accounting Chamber of Azerbaijan, is usually limited to general statements about the board meeting, without giving specific figures and data. According to Article 6.0.3 of the Law of Azerbaijan "On receiving information" ("Basic principles of information"), the disclosure of information on budget revenues and expenditures is the responsibility of government agencies, including the Chamber of Accounts. - 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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