The Chairman of the Central Bank of Azerbaijan Elman Rustamov said that for 2016 he predicted a deficit balance of payments at the level of $ 5 billion.
Speaking on the draft state budget in parliamentary committees, Rustamov said that this is a significant figure, and 88-90% of the deficit is caused by problems in the movement of capital.
According to him, this is due to loans and debt obligations.
“There are problems of loans to companies under government guarantees, there are external debts of the International Bank of Azerbaijan, and we have to pay it off. We are implementing an international project - the construction of the TANAP gas pipeline, for implementation of which the state has to use its financial resources,” he said. ----71D
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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