No Public Control over Oil Fund’s Use - Expert
The Accounting Chamber does not submit an opinion on the budget of the State Oil Fund (SOFAZ), which is contrary to the law, the economist, chairman of the Movement for Democracy and Welfare (MDW) Gubad Ibadoglu said.
In compliance with Article 12 of the Law "On the internal charter of the Accounting Chamber of Azerbaijan», this structure represents the conclusion of the draft state budget and off-budget state funds (institutions) and this is one of its responsibilities. According to paragraph 1.3 of the "Regulations on the State Oil Fund of Azerbaijan," it is a non-budgetary institution.
According to the expert, the limited capacity of parliamentary control, the monopoly role of the executive power in deciding on spending SOFAZ pose serious problems of effective implementation of the Fund expenditure.
There is also no public control over SOFAZ, although in accordance with paragraph 5.4 of the provisions, the Supervisory Board is also formed with the participation of representatives of civil society organizations. Since the beginning of the formation of the Supervisory Board in its composition there was not a single representative of NGOs.
These and other factors, including the spending of oil revenues, rapidly render impossible a fair distribution of the State Oil Fund between future generations, summed Gubad Ibadoglu. ---08D
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review