In January-October of this year through the State Service for the management of agricultural projects and credits (GSUSPK) preferential loans worth a total of 18 million 944 thousand manat were granted to farmers and agricultural enterprises, which is 13.6 % more than in the comparable period of 2015.
At the expense of the State Service’s own funds banks granted 179 loans to agricultural producers, totaling more than 9 million AZN, 35% less than for the comparable period of 2015. In addition, within the framework of international projects managed by the State Service, 49 entrepreneurs have received loans of 9.8 million manat (+3.6 times).
GSUSPK has operated under the Ministry of Agriculture since 2007. Its administration has 65 million manat of budget funds. In 2016, the Service received AZN 5 million from the state budget. -----08B
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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