The Cabinet of Ministers decided to establish Sumgait Boulevard LLC under the head of the Sumgait Executive Power.
The company was established in order to preserve the infrastructure of the seaside boulevard, ensure its environmental safety, and provide control over the territory. The number of employees of the apparatus of LLC Sumgait Boulevard is set at 10 people.
Sumgait Boulevard LLC was allocated AZN 300,000 from the reserve fund of the state budget to cover its expenses for the current year.
Sumgait Boulevard was established in 2015-2016. The source of financing works is not reported. The city's entrepreneurs repeatedly appealed to state structures that at the request of the city of Sumgait, they allocated large funds for procurement and construction and installation works and became victims of fraud, since despite promises, these funds were not returned to them. -----08D
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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