Control over Major State-owned Companies Tightened

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

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