According to the forecast of the consolidated budget, which was submitted to the Azerbaijan Milli Mejlis (parliament), in fiscal year 2014 budget of State Oil Fund of Azerbaijan (SOFAZ) will have no deficit.
Next year Oil Fund’s incomes are forecasted at 11,626,900,000 AZN ($14,849,000,000), while expenses – 11,291,800,000 AZN ($14,421,200,000). The forecasted proficit will total 335.1 million AZN ($427.8 million).
The budget of SOFAZ for fiscal year 2013 was approved with the deficit of 1,918,000,000 AZN (about $2.4 billion), though SOFAZ will hardly end the year with such a deficit. During 9 months, 2013 average export price of Azerbaijani oil was forecasted at $100 per barrel. On the other hand, the Fund has not funded some projects and implementation of some projects will start only in quarter 4, 2014. This has helped to significantly reduce the Oil Fund’s costs.—0—
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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