According to the resolution of the Cabinet of Ministers, the state subsidy provided to farmers to purchase mineral fertilizer cannot exceed 80 manats per 1 hectare of land fertilized. Before that, it amounted to 50 manats.
According to the current rules valid since 2007, 70% of the fertilizers purchased by the farmers are subsidized by the state. In other words, 70% of the cost of the fertilizers purchased by trading companies is financed by the state budget. Soil is fertilized, according to the norm, and in the case of exceeding the norm the farmer receives a subsidy not exceeding 80 manats per 1 ha.
The state-run Agroleasing JSC (one of the largest suppliers of mineral fertilizers) told Turan that this year two batches of nitrogen fertilizers were purchased (1,500 and 8,800 tons). Currently expected is the arrival of another 60 thousand tons of fertilizers. The cost of nitrogen fertilizer is 466 manats (including VAT). ----08B
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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