The State Statistical Committee has provided a breakdown of budget spending in the first half of the year. According to him, the budget receipts totaled 8.2 billion manat, and expenses amounted to 7.4 billion manat with surplus of 815 million manat (there is a discrepancy between the statistics, referring to yesterday's report of the Ministry of Finance and the Minister of Finance, who reported a 9 billion 525 million in revenue and 8 billion 730 million cost.)
Approximately half (44.9% or 3.3 billion) of spending is directed at economic development, 10.3% (766.1 million) - at social protection and security, 18.5% (1.4 billion) - at public sector wages, pensions and benefits, 9.2% (681.6 million) - education and health care. The remaining 17.1% were spent on other needs. --17D—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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