Fitch Ratings International Agency published a report on countries that gained the most from rising prices for raw materials in 2003-13 respectively. Azerbaijan was in the list of leaders, along with Bolivia and Peru. At the bottom of the table were Bahrain, Gabon, Venezuela and Suriname.
According to Fitch, centralized expenditures in developing countries, whose economies are based on exports of raw materials, rose by 5% of GDP since the mid-2000s with a sharp reduction of income from hydrocarbon exports.
The agency analysts believe that the total fiscal revenue in developing countries exporting raw materials at the end of this year will be reduced by $ 1.3 trillion compared to 2013. --17D-
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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