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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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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