Contest of Journalistic Articles for Control over State Budget
Public organization "Assistance to Free Economy" announced a competition of articles on "Issues arising from the activities of the Accounts Chamber of external control over the state budget." The public is not uniquely appreciates the role of a joint venture to strengthen control over the ever-increasing costs of the state budget of Azerbaijan.
Articles must be published in a newspaper or an online resource, which employs the reporter and the competition committee presented to the 15th of November. The winner will get a cash prize of 700 euros. Also established are two second and three third prize winners with cash prizes of 450 and 300 euros. The competition is held under the "effective control over public finances", financed by the European Union. - 08D-
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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