The financial statements of the "sick" International Bank of Azerbaijan (IBA) for the first half year have been promulgated. According to the documents certified by the auditors, its current debt only to foreign financial institutions is 104 million 830 thousand manats (+ 49.8% YTD).
Total debt as subordinated loans by July 1 was 720 million 108 thousand manats (+ 298.6 million to the beginning of the year).
In addition, the credit indebtedness of IBA to the Central Bank of AR (CBA) by the end of the reporting period stood at 600 million manats (+ 71.4% YTD).
IBA's operations started in 1992. Its main shareholder (51.07% of the securities) is the Government through the Ministry of Finance, and the remaining 48.93% of the share capital is owned by private shareholders. --17D-
Economics
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Azerbaijan’s Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
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The 104th meeting of the Commonwealth of Independent States (CIS) Economic Council was held in the Russian capital, with representatives from member states discussing enhanced economic collaboration and key regional initiatives. Azerbaijan was represented by First Deputy Prime Minister Yagub Eyyubov.
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Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
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In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
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