Gubad Ibadoglu: Next Year`s Budget Should Be Discussed by General Public
Yesterday the Cabinet of Ministers sent the draft state budget for next year for the consideration and approval by the President. The gains and losses are determined at the oil price rate of $ 40 per barrel. The forecasts were also directed to the Administration of the Head of State with respect to fiscal policy and concept of economic development until 2020.
Responding to a question about why a broad discussion of the main fiscal document is not held with the assistance of the public, Doctor of Economic Sciences, Chairman of the Azerbaijan Movement for Democracy and Prosperity, Gubad Ibadoglu, on his page on Facebook wrote the government had to bring the information to the broad masses on the background of calls for a referendum. The people voting for the future of the fundamental law of the country should be aware what awaits them at least after the New Year. Hiding the truth raises serious concerns, the expert believes.
Speaking on the alleged reduction of transfers to the state budget from the State Oil Fund by 1.5 billion AZN and referring to the Minister of Finance Samir Sharifov on the matter, the expert noted the lack of fiscal preconditions for declaring such indexes, calling it a voluntary approach. --17D-
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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