Budget Thieves Not Found in Nakhichevan Autonomous Republic
The Court of Auditors (CA) of the Azerbaijan Republic issued a report on the activities of its Office in the Nakhchivan Autonomous Republic, according to which the theft of public funds is not revealed in this autonomy.
The report notes that the audit of the activities was carried out in 11 organizations from several hundred state-run organizations active in the autonomy. The inspections covered the Ministry of Agriculture, the Ministry of Culture and Tourism, the Ministry of Labor and Social Protection of Population, the Ministry of Ecology and Natural Resources, the Department of the National Academy of Sciences, etc.
According to the CA, during inspections in three organizations overpayments of wages totaling AZN 679 to 4 people were identified, as well as traveling fees totaling 208 AZN for 5 employees in 2 entities.
In 2015, the state budget expenses of Nakhchivan AR amounted to 297.7 million manat. In addition, the autonomy receives government investment of several hundred million manat from the state budget of Azerbaijan. The CA Office in NAR does not report on inspections in the construction and investment activity of the government in 2015.
Capital expenditures of the state budget are spent primarily through holding companies belonging or related to the family or environment of the head of the Supreme Mejlis of the Nakhchivan Autonomous Republic Vasif Talibov. ----08D
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review