Audit Chamber took control of Ecology
At a meeting of the Accounting Chamber of Azerbaijan on May 21 there were approved test results of targeted use of state capital investments allocated to the central office of the Ministry of Agriculture. According to Turan, the former chairman of the general public auditor and current agriculture minister Heydar Asadov asked his protégé about it.
Also, there was explained earmarked spending of Azerelektrikshebeketikinti JSC as well as in the central hospital and the department of culture and tourism in Barda. Materials on the last three items are summarized and sent to investigate not only in Parliament but also the bodies of state supervision, including the prosecutor.
The Chamber will also supervise the activities to protect the environment in Azerbaijan. This is an innovation in the ACA activities. The program of supervisory activities carried out in the Department of Environmental Protection of the Ministry of Ecology and Natural Resources.
The Accounting Chamber of Azerbaijan, as a rule, is limited to generalities about the board meeting, without giving specific figures and data. According to Article 6.0.3 of the Law of the Republic of Azerbaijan "On receiving information" ("Basic Principles of Information") , the disclosure of 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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