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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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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