The Cabinet of Ministers in order to ensure fiscal sustainability, predictability of income and expenses, gain control over their execution has decided on the estimates of revenue and expenditure of large state-owned companies.
The estimate of revenue and expenditure will be monitored and approved by a special commission headed by Deputy Prime Minister Yagub Eyyubov.
The list includes SOCAR, JSC Azerenergy, JSC Azersu, JSC Azerisiq, CJSC Azerbaijan Railways, CJSC Azerbaijan Caspian Shipping Company, CJSC Baku Metro, JSC Irrigation and Water Management of Azerbaijan, CJSC Baku International Sea Trade Port, JSC Azerkosmos, LLC Aztelecom, LLC Azerpocht and Baku Telephone Communications Production Association.
These organizations will provide to the secretariat to the Commission the preliminary estimates of revenues and expenditures for the next year until July 1. These estimates are subject to approval by no later than November 1. The Commission will be also submitted quarterly reports on execution of the estimates. ---------- 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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