In January of this year, the government cut the financing of investment projects. By the order of the President the building of only the most important objects for the economy and social life will be continued.
According to the State Statistics Committee, the state budget spent 130.6 million manat to finance projects of transport, education, health, etc. This is 57.1% less than in January 2014. For example, for the construction of public administration, defense and social security 4.9 million manat was spent from the budget, which is only 5% of the size of government allocations for this area in January last year.
This year, the state budget will spend 6.93 billion manat on public investment. But it is expected that the government will undertake the budget sequestration, reducing both its revenue and expenditure part due to the decline in oil revenues. -----08B
Economics
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
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