Over the last 10 years from the state budget of Azerbaijan were allocated for the construction sector by AZN 7 billion more than the education, health, administrative apparatus, science, social protection together, wrote on the Facebook page a well-known expert and economist Gubad Ibadoglu. In 2006-2015 from the state budget for the construction were allocated 44.6 billion manat, while for education -. 11.8 billion, social protection and welfare -. 11.1 billion, the state apparatus -. 10.1 billion, 4.7 billion healthcare.
"As can be seen, in the last 10 years, most of all oil revenues were spent on the construction sector which does not create value, and the currently decline is observed in this section. At the same time, the oil money were directed on non-commercial projects in construction," writes Ibadoglu.
Over the past 10 years the State Oil Fund received from directly from the sale of oil 125 billion manats. Of these, 90 billion manat were spent, including 67.2 billion manat as transfers to the state budget. -03D06-
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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