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Electricity tariffs will rise
For the financial rehabilitation of the energy sector of Azerbaijan Asian Development Bank (ADB) will provide $1.2 million. The missing $300,000 for the implementation of the plan will provide the country's government, and the executive agent of technical support will be the Ministry of Finance of Azerbaijan, noted in the international information structures. The aim is to support long-term plan to raise electricity rates, so that the employees of the energy sector could fully compensate the costs irrespective of the credit authorities. This implies a real calculation of the cost of electricity generation and transmission, a new tariff structure for the difference pockets of consumers and sources of electric power generation (traditional, alternative), which by 2022 could lead to the financial recovery of this sector of the economy on the basis of the "road map." The plan also includes the promotion of tariff reform, so as not to frighten the poor. The ADB acts since 1966, its members are 67 countries, including Azerbaijan - from 22 December 1999, with the share in the authorized capital of 0.5%. For 1 January this year, for the implementation of 59 projects the Government received from ADB $ 2 billion 321.620.000. Plus $ 22 million for 32 projects within the framework of technical assistance. --17D-
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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