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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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