![Construction is underway in Karabakh, liberated from the Armenian occupation](https://turan.az/resized/media/2023/main/080300065089-750-500-resize.webp)
Construction is underway in Karabakh, liberated from the Armenian occupation
Karabakh Renaissance Foundation on financial activities in 2022
Baku/04.08.23/Turan: The Karabakh Renaissance Foundation has published its financial report for the year 2022, revealing notable changes in its financial activities. The fund's net profit for the year was 343.8 million manats, representing a significant decrease of 61.3% compared to the previous year.
In 2022, the fund experienced a 65.3% decline in income from donations, which amounted to 314.5 million manats. However, the financial income of the Foundation surged by 3.8 times, reaching 34.5 million manats. Additionally, the organization's income tax payments for the year amounted to 6.8 million manats, marking a substantial increase of 3.9 times compared to the previous year.
The assets of the Karabakh Renaissance Foundation at the beginning of the current year increased by 39.1% compared to the previous year, totaling 1,238.1 million manats. On the other hand, the fund's liabilities grew significantly, reaching 6 million manats, which is 5.4 times more than the previous year. The balance sheet capital also showed growth of 38.6%, amounting to 1,232.1 million manats, including an unchanged authorized capital of 1 million manats.
For the year 2022, a total of 2.67 billion rubles from the state budget were allocated for the restoration and reconstruction of Karabakh, underscoring the importance of financial support for the region. The Karabakh Renaissance Foundation operates as a public legal entity, established to facilitate the financial backing of restoration and reconstruction efforts in the liberated Karabakh region of Azerbaijan.
It is noteworthy that the state budget for the year 2023 has earmarked 3 billion manats for the restoration and reconstruction of Karabakh, which is a significant increase of 12.4% compared to the approved forecast for the year 2022. These financial allocations aim to aid the ongoing restoration initiatives in the region following its liberation from occupation in previous years.
In 2021-22, 6.5 billion manats were spent from the state budget to restore the territories of Azerbaijan liberated from occupation.-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