The Central Park hosted the international conference "The problem of resource extraction in countries rich in natural resources." The event is realized within the project "Increasing transparency in the extractive industries."
According to the head of the Committee to Protect the Rights of Petroleum Workers, Mirvari Gahramanli, legislation of Azerbaijan announces affiliation of subsurface to the people, which means that government has accountability to the public. However, this requirement is not met due to the fact that all natural resources are implemented after extraction by private companies registered in offshore zones. "Azerbaijan since 2003 has been a member of the International Initiatives to improve transparency in the extractive industries (EITI). In 2011 came into force new global standards of transparency, but the country's parliament introduced a legal restriction on obtaining information about the shareholders and beneficiaries of companies. The government does not report to the public, and in response to requests sends overall figures.
The conference suggested that the Parliament adopts a law "On the Transparency Initiative," which would include the responsibility of producing and trading structures not only for violations of financial discipline, but also the refusal to provide information to the public. According to participants, the Memorandum between the members of the National Initiative to improve transparency in the extractive industries should clearly define the status of non-governmental organizations represented in it.
In addition, there are several points that also disturb:
- Reports of private companies involved in the development of natural resources are not audited in full. The Coalition EITI requires companies that provide reports of their compliance with the new international standards.
- Reporting of public institutions is carried out without audit, although this also requires new rules.
- Mining companies are not considered in environmental standards and requirements of corporate social responsibility.
The Coalition hopes that the companies in Azerbaijan will soon finish the debate on the transition to individual decision-making responsibility for disclosure of their individual reports, as well as in other countries - participants of EITI. In preparing recommendations the positive world experience is considered. -17D-
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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