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Economic Council discussed situation in economy of Azerbaijan and in regions
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 financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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