The Azerbaijani government expects revenues to the State Oil Fund to be 5 billion 711.6 million mantas in 2016. The Fund will spend 1 488 400 000 manats more for the year, said the Ministry of Finance.
The following year, the Fund's income will be reduced by 3 billion 534.1 million manats (-34.5%) compared with the index forecast for this year. SOFAZ expenditures over the year will decline by 4.1 billion manats or 33.4%.
The volume of transfers to the state budget will amount to 6 billion manats. This is 2 billion 130 million manats less than in 2015 and 4 billion 388 million manats less than in 2014. It is noteworthy that the government introduces this trend as its own deliberate policy to reduce the budget dependence on the oil factor.
To finance social and economic projects SOFAZ will spend 2 150 500 000 manats from its reserves.
As of July 1, 2015 SOFAZ reserves were $ 35.8 billion. ----08D
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