President Ilham Aliyev signed on July 18 a decree on application of the Law of AR On Agricultural Cooperation.
The law provides for the formation of credit and insurance cooperatives to merge funds of cooperative members and providing them with loans, and private medical insurance as well as insurance of animals, plants and property. The Cabinet of Ministers is to prepare the relevant legislative framework in four months.
Within three months, the government will also prepare the State Program on the development of agricultural cooperatives in the years 2017-2020.
Agricultural cooperatives shall be given space for the sale of their products. The terms of giving places in the markets to them will be determined by the Cabinet.
According to the law, agricultural cooperatives are a voluntary association of agricultural producers in cooperatives and their unions. Manufacturers invest property shares in the creation of such cooperatives. Cooperatives are several types: industrial, consumer, multimodal (production / consumption).
The state supports agricultural cooperation through the provision of soft loans, production assets on preferential terms of leasing, and the creation of a fund to guarantee loans to cooperatives. -08D -
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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