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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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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