Auditors of Six Public Institutions Became Known
Public Procurement Agency (PPA) announced the results of more than three thousand procurement organized on a competitive basis in January and February of this year. Among them there are the results of six tenders and quotations for the selection of the auditor of the financial statements for the year 2012. Thus the costs of contracts signed under these terms differ from each other by hundreds of times.
Audit of the Azerbaijan Mortgage Fund under the Central Bank will be held by KPMG Azerbaijan Limited, which is priced services in 84,000 manat.
The company Baker Tilly Azerbaijan has won the tender for the audit of the financial activities of the State Committee on Securities and the state-run Azerbaijan Investment Company, respectively, which will cost them 23.5 thousand and 5 thousand manats.
Financial activities of the state-run Azerlotereya will be checked by the free auditor Yasin Shirinov. In previous years, audit of the lottery monopoly was held by M & J Accuracy Consulting.
The largest contract was signed by the water supply company Azersu. Audit of its financial statements by the Azerbaijani branch of Ernst & Young will cost 353,430 manat, said GAZ. - 08D-
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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