The Azerbaijani parliament at a meeting of the parliamentary committees concludes the discussion of parameters of the state budget for next year. The Ministry of Finance has decided to revise the economic forecasts downward - so, according to the Minister of Finance Samir Sharifov, if previously the government provided for GDP growth in 2016 at 4.4%, it will now fluctuate within 3.3%.
"In addition, the state budget is made up with a forecast of oil export price of $ 50 per barrel on world markets, but the government "reserves" two scenarios - optimistic (based on $ 60 per barrel) and pessimistic ($ 40 per barrel). So it all depends on the situation in the world market, and the Ministry of Finance thus will not experience problems with the financing of the budget in the event of a serious decline in world prices," he said. --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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