developing A concept of demolishing high-rise residential buildings which have exhausted their useful lives in all nine districts of Baku is being developed, and new homes will be built in their place, reporters were told by the Minister of Emergency Situations Kamaladdin Heydarov. According to him, construction will be carried out by construction companies. Residents of old houses will be provided with apartments in new buildings. The remaining apartments will be sold to construction companies and it will be their commercial benefit.
The Emergencies Ministry, for its part, will support the companies, but it is not specified what will be support.-03D-
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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