The version of the state budget of Azerbaijan approved by the Chamber of Accounts provides for a deficit of 190.8 million manat, or 0.32% of GDP.
The revenue part of the basic law is expected to reach 16 billion 822 million, and the expenditure is AZN 17 billion 12.8 million. The deficit will be covered through the placement of government bonds by the Ministry of Finance.
Recall, the total GDP in 2016 is expected to reach 58 billion 816.5 million manat. The revenues of the state budget will be AZN 16 billion 822 million and the costs will be AZN 18 billion 495 million with a deficit of 1 billion 673 million manat (2.9% of GDP). --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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