The Accounting Chamber of Azerbaijan supports the establishment of companies specializing in the insurance of agricultural risks in order to meet the demand for the expansion of coverage in this kind of financial activity.
The recommendations also simplify the process of registration of securities for this type of insurance, increase the insured amount paid by the state (now it is 50%) and ensure the priority of enlightenment among the population.
According to the ACA, yet low is the level of development of the budget to cover the risks of agricultural industry. So, in 2012, there was allocated only 750,000 AZN and it was used only at the level of 4.7%. In 2013, it was 2% of the applied allocation of 1 million AZN. Last year there was also allocated 1 million used at 2.3%. This year there has already been spent 98.5% of the allocated 1 million manats.
The Accounting Chamber of Azerbaijan, accountable to the parliament, has operated from December 7, 2001 as the authority controlling the flow of budgetary funds of Azerbaijan.
Executives (members of the Bar, which consists of the chairman, his deputy and seven auditors) are elected every 7 years.
This body is usually limited to generalities about the Board meeting, without giving specific numbers or data. According to Article 6.0.3 of the Law of Azerbaijan Republic "On receipt of information" ("Basic principles of information"), the disclosure of information on budget revenues and expenditures is the responsibility of government institutions, including the Accounting Chamber. --17D-
Economics
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The safety of metro passengers is a top priority, Vusal Aslanov, Chairman of “Baku Metro” CJSC, told journalists citing the transport system’s handling of 229-230 million passengers in 2024.
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New data reveal dramatic increases in both foreign arrivals and Azerbaijani departures, highlighting the country’s evolving role as a regional travel hub. In a striking demonstration of its growing global connectivity, Azerbaijan saw a significant surge in international arrivals during 2024. According to figures released by the State Border Service, the country welcomed approximately 2.63 million non-citizen visitors—a 25.9% increase over the previous year—representing travelers from 196 countries. The latest data underscore Azerbaijan’s escalating prominence on the international stage, both as a destination and a departure point.
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Global food prices decreased in 2024, but Azerbaijan bucked the trend, recording a rise in food expenditures. Experts believe this necessitates urgent expansion of agricultural production to safeguard the domestic market.
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Italy, one of the European Union's largest economies, solidified its position as a key importer of Azerbaijani natural gas in 2024, despite a notable decline in domestic gas consumption. The country imported 58.7 billion cubic meters (bcm) of natural gas, meeting most of its annual demand of 61.7 bcm—a 2.5% drop compared to 2023. This data, reported by the Italian energy market regulator GME, highlights shifts in Italy’s energy sourcing and consumption patterns.
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