Today the plenary session of the Azerbaijani Parliament discussed the draft amendments to the state budget for 2016, according to which the limit of government borrowing in the current year increased from 4 billion to 8.5 billion manat. The government will attract the domestic financial market is not 2.5 billion, and 3.5 billion manat. External borrowing could reach 5 billion manats instead of the previously approved 1.5 billion manats. This year, the public for the service of the debt obligations were planned to send 1,249,700 manats. Now for this purpose will be spent by 25% more funds - 1 billion 775 million manats. Of them one billion and 474 million manats are external debt, by 525.5 million manat more than was approved by the budget. On January 1, 2016 public external debt announced by the Ministry of Finance amounted to $ 6billion 894.3 million, or 10 billion 751 million manats. -- 08D-
Economics
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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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