Company to prepare proposals on Financial Rehabilitation found
The company Central Audit has become a consultant to the State Committee for Property Affairs (SPC) to prepare proposals on Financial Rehabilitation in the opened the privatization of state enterprises. It is reported by the State Procurement Agency (SPA).
The tender results were made public on the website of SPA. SPC repeatedly conducted similar contests , but never informed the public about those businesses that need financial recovery . In its annual and quarterly reports, committee does not provide information about businesses that have improved their condition prior to the privatization.
Information about Central Audit is also poor. What is known is that it did not pay the membership fee of the Audit Chamber of Azerbaijan for 2012 .
The state budget annually allocates several million manat to control losses associated with the activities of state-owned enterprises and their financial recovery. Just this year, for this purpose 10 million manta was provided. How SPC manages these means is unknown. - 08B-
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