Ilham Aliyev: Regression in the construction sector amounted to 25-30%
The reduction of the construction sector amounted to 25-30% this year, this sector is experiencing a setback, said today President Ilham Aliyev. Communicating with residents of the new houses in the village Ramana, he said that in the capital there are a lot of old and dilapidated buildings that need to be demolished, and in their place will be erected new ones. This will have a positive impact on the recovery of the construction sector and building materials, and new jobs will be created.
"We invite all firms, businessmen participate in such projects. In just a few years in our country should not remain a single emergency buildings," he said, noting that the priority is social housing, and soon will be built 49 such houses. "This is a pilot project, and it has a great future," Aliyev said. -02D-
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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