Next year budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) forecast to be 6,711,564,100 AZN, down 3.53 billion AZN (34.5%) against the forecast for year 2015. This is information from the SOFAZ draft budget, which has been submitted for consideration of President after its approval by the Oil Fund’s Observation Council.
According to the draft budget, next year the Fund’s expenses are planned at 8,261,399,700 AZN (down 33.4% or 4.1 billion AZN against volume expected in 2015).
According to Turan, in 2016 Fund’s deficit is expected to be 1,549,835,600 AZN. This year SOFAZ’s deficit is expected to be about 1.1 billion AZN.
In 2016 SOFAZ’s transfers to the state budget are expected to be 6 billion AZN, down 4,388 billion AZN (42.2%) against 2015.
By October 1, 2015, SOFAZ’s assets decreased by 6.38% against early year ($37.1 billion) an totaled $34.74 billion.—0---
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review