Azerbaijan's state budget deficit for January-September 2016 amounted to 519.1 million manat or 4.9% of the costs.
According to the Ministry of Finance, in the first nine months of this year, the state budget revenues amounted to 10 billion 103.1 million manat (decline compared with January-September last year by 16.3%), and the costs - 10 billion 622.2 million manat (decrease by 12. 6%).
In the budget revenues taxes amounted to 4 billion 926.3 million manat (the forecast was implemented by 100.2%), and the State Customs Committee provided 1 billion 653.8 million manat (the forecast was implemented at 125.6%).
Transfers to the state budget from the State Oil Fund (SOFAZ) in the reporting period amounted to 3.26 billion manat (the forecast was implemented by 42.8%), and the rest was other income.
Azerbaijan's state budget revenues for 2016 are projected at $ 16 billion 822 million manat, the expenses – at 18 billion 495 million manat, and the deficit – at 1 billion 673 million manat or 2.9% of GDP. -0--
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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