The Accounting Chamber of Azerbaijan, having analyzed the revenues of the last year's budget, including the oil and non-oil sectors, budget expenditure, external debt, deficit and its sources of coverage, adopted an opinion on its implementation, recommending for consideration at Milli Majlis, according to the website of the agency.
According to the Ministry of Finance, budget revenues by the end of 2015 were at a level of 17 billion 153.2 million. The performance of the forecast was at 88.2% due to the fall in oil production and world prices for hydrocarbons. The expenditure part was also truncated in this regard - 17 billion 786.8 million (minus 15.7% to the forecast), with a deficit of 633.6 million manats (1.16% of GDP).
The Azerbaijani Accounting Chamber, accountable to the parliament, operates from 7 December 2001, as a body controlling the state budget expenditure.
The managerial personnel (members of the Board, which consists of Chairman, his deputy and seven auditors) is elected every 7 years.
This agency is usually limited to generalities about the Board meeting, without giving specific figures or data. According to Article 6.0.3 of the Law of Azerbaijan "On obtaining information" (Basic Principles of Information), the disclosure of information on budget revenues and expenditures is the responsibility of government agencies, including the Chamber of Accounts. --17D-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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