Begins the discussion of the state budget for next year
Parliamentary discussion of the state budget for 2013 will be held at the plenary session on 13 November.
As reported by Chairman of the Parliamentary Committee on Economic Policy Ziyad Samadzade during preliminary discussion of the bill on Saturday, November 6, with the participation of all parliamentary committees a debate.
According to him, the budget of the following year is calculated on the average price of oil at $ 100 a barrel. As always, the draft budget and social investment.
According to the Ministry of Finance of Azerbaijan's state budget revenues for the next year is expected to reach 19 billion 154 million manat, expenses - 19 billion 810 million manats with a deficit of AZN 656 million (1.17% of GDP). - 17D-
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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