In January-September, Azerbaijan repaid more than $1.6 billion on loans received before
Foreign capital in the amount of $ 7,587.5 million was held by business entities of Azerbaijan for the first nine months of this year. This is $ 1,776 million, or 30.6% more than in the corresponding period of 2011.
According to the balance of payments, foreign direct investment increased by $ 864.3 mln, or 27.8%, to $ 3,973.7 million. In the non-oil sector, the volume of direct investment increased by $ 146 million or 20.8% to $ 846 million.
Loans and other investments in the national economy increased 35%. At the same time, loans with a state guarantee increased by 8.1% to $ 805 million. Unsecured loans decreased by 9.2% to $ 1,363.6 million, while in the non-oil sector, the volume of loans increased by 14.2% to $ 1251, 8 million.
Most of unsecured loans in the non-oil sector involved banks in the amount of $ 1,102.4 million, which is 77% more than in January-September 2011.
Other investments increased by 3.3 times, to $ 1,444.2 million. During the reported period, the country received oil bonuses of $ 2 million.
For three quarters of 2012 the country repaid debts of $ 1,638.5 million on loans received before, of which 46.3% ($ 758.4 million) was paid by banks, 13.6% ($ 223.4 million) - by the state and for loans with a state guarantee, 28.5% ($ 466.3 million) - by the oil and gas sector, and 11.6% ($ 190.4 million) - by other companies and businesses. - 15B -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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