The government has unveiled the need for foreign currency to cover the expenses stipulated in the 2017 draft state budget. The government needs 3 billion 61 million US dollars or 5 billion AZN in national currency, or a third of the state budget.
In view of financing the construction of TANAP by the Oil Fund the total amount of direct foreign exchange expenditures of the state will be at least $ 3.5 billion. The economist Rovshan Agayev believes the high amount of foreign currency liabilities of the government “makes the position of AZN even more fragile.”
According to Agayev, foreign exchange income of the consolidated budget for 2017 will be $ 5.4 billion, or 8.9 billion AZN. This means that 65% of foreign exchange earnings will go to cover the foreign currency obligations of the government. "In the best case, only $ 2 billion may be allocated to support the economy outside the government," the expert said.
According to Agayev, the main problem of the economy of Azerbaijan is that only 10% of foreign exchange earnings of the country are provided by the private sector. At the same time the private sector accounts for 80% of imports. ----08D
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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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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