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Baku/25.05.23/Turan: The meeting of the Economic Council of the Republic of Azerbaijan, held on May 24 and headed by its Chairman, Prime Minister Ali Asadov discussed the economic situation in the country, global and regional economic trends, forecasts of socio-economic growth in Azerbaijan for the current year and the medium term, including the oil and gas sector.
Also, the members of the government exchanged views on the draft amendments aimed at improving the tax administration, investment promotion and transparency in the economy; discussed the work over indices of the World Bank project "Favorable Business Environment", the press service of the Cabinet of Ministers reports.
The report of the Minister of Economy Mikayil Jabbarov and the report of the secretariat of the commission on the business environment and international ratings were heard at the meeting.
Following the results of the meeting, decisions were adopted made on the issues discussed and appropriate tasks were given to related structures without specifying the details of these decisions. -08B-
Economics
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Azerbaijan's government has allocated a total of 4.83 billion manat ($2.8 billion) from the state budget in 2024 for the reconstruction and restoration of territories liberated from occupation, the Ministry of Finance announced.
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President Ilham Aliyev of Azerbaijan convened a meeting on January 28 to discuss the development of the country's transportation infrastructure, focusing on the challenges facing the capital city Baku and its surrounding areas. Despite significant advancements in infrastructure over the past years, Aliyev acknowledged that traffic congestion remains a growing issue due to the rapid increase in the city’s population.
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Azerbaijan concluded 2024 with state budget revenues of 37.16 billion manats, exceeding forecasts by 2.1% and reflecting a 5.5% increase compared to 2023. Budget expenditures amounted to 37.72 billion manats, resulting in a manageable deficit of 555.5 million manats. Despite the deficit, the government demonstrated fiscal resilience and strategic allocation of resources, supported by higher-than-expected non-oil revenues and prudent expenditure control.
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According to data released by the Ministry of Finance on Monday, Azerbaijan’s external public debt as of January 1, 2025, stood at $5.16 billion, accounting for 6.9% of the country’s GDP for 2024.
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