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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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.
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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.
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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.
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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.
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