Growing Burden of Presidential Powers
By the decree "On measures to improve governance in the field of land reclamation and water management," the country's President has given himself the power of the reorganization and abolition of the Irrigation and Water Management of Azerbaijan JSC.
According to the document, the appointment and dismissal of the Chairman of the company is not the prerogative of the Cabinet, but the President personally.
The government has the authority to approve the charter and structure of the JSC, to determine the size of its share capital and development strategy, to appoint and dismiss deputy chairmen, approve annual reports and balance sheets, income and expenses, and to distribute profits.
The powers of the State Committee on Property Issues have been defined – it has the right to authorize the creation and elimination of departments, offices and branches, and the creation, reorganization and liquidation of its subsidiaries.
Three months have been given to the Cabinet of Ministers to execute the decree. --17D-
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- Economics
- 29 February 2016 13:32
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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