On the 8th of December in Baku the Ambassador of the European Union Malena Mard and Economy Minister Shahin Mustafayev signed an agreement on the financing of the "Regional development program related to Azerbaijan." According to the press service of the Economy Ministry, the agreement was signed in the framework of the Program of activities for Azerbaijan in 2015, the European Neighborhood Instrument. Grant size - 14.5 million euros.
The agreement provides for technical and grant support to the system of informing and consulting business in the agricultural sector, improving the system of support for the development of small family farms and rural areas. The EU will support the Ministry of Economy in its work on consumer education, the promotion of local products, etc. 08D
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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