More than 340 million AZN returned to the budget by the Ministry of Finance in the past year.
As stated in the report of the government, the chief manager of the treasury was a participant of 317 lawsuits related to claims from the plaintiffs to the Ministry on the disbursement of funds from the state budget. The Finance Ministry gained the amount in the course of proceedings, where the courts accepted its position.
In addition, last year the Ministry initiated verification in regional financial departments and separate state-budget organizations for the targeted use of budgetary funds. As a result of inspections they revealed misuse of public funds in the amount of 5 million 125.3 thousand manat, of which 4 million 929.6 thousand manat was paid to the budget.
In addition, the Ministry of Finance services revealed misappropriation of funds in state-budget organizations in the amount of 107.9 million AZN. Reports on these facts were submitted to the prosecuting authorities. --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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