The international auditing company Deloitte & Touche will audit the consolidated financial statements of the International Bank of Azerbaijan (IBA) and its subsidiaries for the first half and all of 2014. The longtime partners have concluded a corresponding agreement.
This year, this service will cost the bank 306,800 manat, which is 47,000 manat less than in 2013. This is stated in the quarterly report of the State Procurement Agency.
For comparison, the audited financial statements of the state-run Azerbaijan Investment Company for 2013 (the auditor is LLC Baker Tilly Audit Azerbaijan) will cost 5,900 manat. According to operative data , as of April 1 this year, the International Bank assets grew at an annualized rate of 22.8 % and amounted to 7 billion 648 million manats. At the same time the loan portfolio exceeds 5.1 billion manat (+28.2 %). The total capital of the bank at the beginning of April this year reached 950 million manat with paid-in share capital of 500 million manat. Net income of IBA in the first quarter was 12.3 million manat. -08B-
Economics
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The weaknesses of strategic planning in the Azerbaijani land transport sector were revealed during a briefing on improving legislation, which was attended by representatives of the Azerbaijan Land Transport Agency (AYNA) and the Ministry of Digital Development and Transport.
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The Cabinet of Ministers of the Republic of Azerbaijan has made changes to the existing provisions regarding the approval of construction documentation and the service fees for construction. The amendments are guided by Article 119 of the Constitution of Azerbaijan and are aimed at simplifying processes related to construction permits and operations.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new procedure for the recruitment of medical personnel to medical institutions included in the state healthcare system. The decision, which comes into force on January 1, 2025, aims to enhance the implementation of compulsory health insurance in the country.
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The Organization of Turkic States (OTS) convened a pivotal meeting in Guba, recently named the agricultural capital, to introduce the "OTS Made" brand for agricultural products. Representatives from the Ministries of Agriculture of Azerbaijan, Turkey, Uzbekistan, Kazakhstan, and the Turkish Republic of Northern Cyprus, along with experts from relevant departments, participated in the event.
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