Azerbaijani Representative Elected to Board of International Organization
The founder and Board member of the non-governmental Centre for Economic Research (CER) Gubad Ibadoglu has been elected a member of the international board of Transparency Initiative in the mining industry. In this role he will last 2 years - until the next election.
For the first time a representative of Azerbaijan joined the management level organization that unites 160 countries, non-governmental organizations. This will work more closely with the government and promptly inform the world public about the rate of initiation of the local government to the international initiatives on transparency.
Under the terms of the mining industry, the government and specialized companies, for equitable distribution of income and in compliance with environmental balance, disclose the income statements, the basic position of the concluded agreements, have a policy of social responsibility, as well as openness to the local and international community in the face of non-governmental organizations.
In Azerbaijan mining industry is one of the most closed positions in the economy. Investment costs that are attached to the budget of the country, for the most part fall on the mining sector. - 17D-
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- Photo sessions
- 29 April 2013 17:08
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- Analytics
- 29 April 2013 17:18
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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