In the Past Year, the Development of the Environs of Baku Allocated Half a Billion Manat
The Government of Azerbaijan in 2012 sent from the state budget 497.6 million manat for the implementation of measures to develop the suburbs of Baku.
According to the Finance Ministry, the funds were used for the implementation of the activities envisaged in the state program of development of the surrounding villages of the capital in 2011-2013 and in the same document, providing for socio-economic development of the regions of the country in 2009-2013.
Finance allocated for the improvement of the heating system, modernization and reconstruction of heating systems in residential buildings and social facilities to improve the gas supply in the suburbs of Baku, to improve water and land reclamation. - 17D-
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- Politics
- 27 May 2013 15:14
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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