New Deputy Minister of Finance Appointed
President Ilham Aliyev appointed Emin Zamin Oglu Huseynov Deputy Minister of Finance on June 24.
42-year-old E. Huseynov earlier served as Director of the Center for Research and Development of the Central Bank of Azerbaijan.
Emin Huseynov graduated from the State University of Economics (1996) and from the Master’s course at Florida State University (USA, 1998). In 2009, he graduated from the Master's course in public administration at Harvard University. He worked at the World Bank and the IMF representative in Baku, and since 2005 – in the Central Bank of Azerbaijan.
The Minister of Finance has the First Deputy and two Deputies. 08D
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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