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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The Agency for the Development of Small and Medium-Sized Businesses (KOBIA), in collaboration with the Ministries of Economy and Ecology and Natural Resources, organized a conference today in Baku focusing on the role of small and medium-sized enterprises (SMEs) in advancing the green economy.
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Under the golden September sun, the Third Grape and Wine Festival took place in Shamakhi, in the village of Meysari on September 7-8, 2024, drawing wine enthusiasts and tourists alike to celebrate Azerbaijan’s ancient winemaking traditions. Organized by the State Agency for Tourism, the festival highlighted the country’s efforts to rejuvenate its viticulture industry, with a focus on boosting local production and expanding export opportunities.
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Azerbaijan has spent over $1.6 billion on large-scale infrastructure projects, including the Crystal Hall for Eurovision, the Olympic Stadium in Baku, and the Shahdag ski resort. But according to Fikret Mamedov, a graduate of London Business School and director of Sage Solutions, this spending has not provided long-term benefits for the country’s economy.
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The outcome of the 44-day Second Karabakh War in 2020 has significantly reshaped the ranking of foreign direct investment (FDI) into Azerbaijan's economy, economist Gubad Ibadoglu said in an article. Recent data show a notable rise in investments from Russia, Turkey, and China, particularly targeting the liberated territories. However, Western investments have remained limited, as barriers such as monopolies, a lack of judicial independence, and the government's classification of states as "friendly" or "unfriendly" have dampened interest.
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