Expenditures Not Provided by Basic Articles of State Budget to Exceed 2 Billion Manats
According to the preliminary forecast of Azerbaijan's state budget for next year, published by the Ministry of Finance of Azerbaijan, investment costs will amount to 1.86 billion manats, expenses for services not covered by the basic articles - 2 billion 78.33 million AZN. The development of industry, construction and mining industry is allocated 1,882,130,000 AZN.
The Nakhchivan Autonomous Republic will receive 290 million AZN, the domestic debt service will cost 61.16 million AZN, and the external public debt will be paid interests of 369,400,000 AZN and the principal amount of 1.34 billion AZN. --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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