Limit of the government borrowing increased from four billion to 8.5 billion manats
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 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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