Despite the legal framework in Azerbaijan, the method of selling state enterprises by declaring them bankrupt is not practiced. German experts held a regional workshop in Jalilabad last week, which gave a detailed account of the European experience in sales of bankrupt state-owned enterprises.
During the workshop organized by the German Society for International Cooperation (GIZ) the project manager for cooperation with the State Committee on Property Wolf Schmieder spoke on concrete examples regarding companies in Germany and other EU countries and reported on the mechanism of the preparation and implementation of the restructuring plan, the organization of the liquidation process and evaluation of residual cost of the bankrupt enterprise. Experts shared experiences in appropriate choice in the privatization of one of the methods (collapse and liquidation).
Enterprises jusually not able to fulfill obligations to the creditors in Azerbaijan are privatized by public auction. Buyers in these cases are interested not in the financial position of the object, but in its specific location. - 08D-
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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