The regular meeting of the Board of the Accounting Chamber of Azerbaijan (ACA) took place. The most "loud" conclusion was made on the violations in the activity of JSC Azerenergy, where there had been a misuse of budget funds.
In particular, there was no proper justification of public investment projects, no complete information on the preparation of the investment proposal, no feasibility study and evaluation of projects, lack of expertise of the targeted use of allocated funds, and others.
In addition, it was found that the project documentation for the reconstruction of power grids was prepared on the basis of orders of contractors, and the contractors uere paid inflated sums for provided services and, in some cases contracts for works and services were concluded without the procedure of procurement.
Some objects after their completion were not taken into operation by the State Selection Committee and the cost of the work was not reflected in the financial statements.
On the basis of violations the ACA made recommendations to the JSC Azerenergy to address the shortcomings and strengthen financial discipline. --17D-
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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