Accounting Chamber will consider consequences of emergencies
Accounting Chamber of Azerbaijan (ACA) will be represented in the working group of the European Organization of Supreme Audit Institutions (EUROSAI.). The goal I a qualitative audit of funds allocated to remedy the effects of emergencies and disasters.
According to the site of ACA, the decision to create a group was adopted at the Nineth Congress EUROSAI on 16-19 June in the Netherlands, and the list of participants was approved in July. The Group includes also the structures of higher financial control of Ukraine, Belarus, Hungary, Kazakhstan, Moldova, Poland, and Russia.
The report notes that natural and anthropogenic disasters in the world today have international character. In this regard, there is a need for intensive and interconnected actions for the effective use of funds allocated for the elimination of their consequences. The purpose of the working group is to strengthen cooperation and coordination in this area. - 17D-
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- Social
- 28 July 2014 14:14
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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