The State Oil Fund held a regular meeting of the multilateral groups for use in Azerbaijan Transparency Initiative in the Extractive Industries (EITI.) The participants of the meeting approved the work plan of the Group for 2016, and the results of the EITI report for 2014. They also discussed steps to restore full membership of Azerbaijan in the EITI and implementation of the action plan.
EITI is a multilateral international initiative, which brings together governments, companies, investors and civil society institutions. The EITI defines global standards for transparency in oil, gas and mining industries. Azerbaijan joined this process in 2003. However, in April 2015 because of pressure on civil society, including NGOs, involved in the EITI, Azerbaijan's membership in the organization was downgraded from full member to the candidate.
Apparently, the economic crisis because of the collapse in oil prices forced Baku to look for ways to improve the image in the eyes of investors and international financial organizations.-05C06-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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