Master Plans of Two Cities Approved
On November 15 the Cabinet of Ministers approved the General Plans for the city of Mingachevir and the town (district center) of Gusar. Turan was told in the State Committee of Urban Planning and Architecture (SCUPA).
The customer of the development of General Plans of human settlements is SCUPA. There is an ongoing public debate on the General Plan of the Goygol region, calculated to 2033. At the approval stage are the main urban planning documents for two other cities - Ganja and Sumgait.
SCUPA noted that under the new General Plan urban planning work is carried out in 33 towns. In six of them (Masalli, Agjabedi, Goychay, Salyan, Shamkir and Khachmaz) the General Plans are in the development stage by the designing companies. -----08B
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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