Information resource of the State Oil Fund is more substantial than other sites structures that manage public finances controlling state funds, according to the experts of non-governmental Center «Multimedia».
However, the consumers do not understand the simple principle of navigation; there is only one contact number, divisions, which include domestic phones are not marked, there is no access to the executives , despite the presence of their background and track record. In the presence of vacancy announcements and tenders there is no information on their results.
Osman Gunduz (Chairman of the Center «Multimedia») therefore recommends to place at least one video of the activity of the Fund. He believes that the users can be offered more phone numbers and e-mail addresses indicating the official positions of their respective owners. It is necessary to place the information on reception days and hours to the public. Declarations section must be complete - with an indication of the results. --17D—
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- Economics
- 24 July 2013 17:42
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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