President Ilham Aliyev signed on July 20 a decree, according to which the budget of the Highways Trust Fund will be managed by state-run Azeravtoyol.
In 2015, highways, bridges and road facilities were transferred to the balance of Azeravtoyol JSC. The joint stock company itself derived from the Ministry of Transport. The financing of road construction and maintenance was carried out from the state budget, not by the Ministry of Transport, but by Azeravtoyol. The latest decision of the President to amend the decree "On creation of the Highways Budgetary Trust Fund" complements this process.
In 2016 the budget of the Highways Budgetary Trust Fund was approved at the level of 261 million AZN. The funds are spent mainly on road maintenance.
In 2015 the Fund’s budget was executed at the level of 290 million AZN, and in 2014 - at 214 million AZN. -08D-
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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