On the meeting of the Accounting Chamber
The Accounting Chamber of Azerbaijan (SPA) at the meeting of February 22 discussed and approved the results of the audit of public expenditure management a number of organizations and the executive power of the Agjabedi and Goranboy districts. In particular, auditors were interested in buying and selling of public lands and rational management.
Also conducted was the audit of financial activity of enterprises in the Beylagan, Kurdamir and Hajigabul regions, of budget funds allocated for water supply and sewage systems creation, and the State Agency on restoration and rehabilitation of areas. Some materials execution control instructions sent to the Parliament.
In addition, the approved audit of public funds spent by the Ministry of Youth and Sports, Ministry of Education, the Executive Power of Baku.
Accounting Chamber of Azerbaijan, reporting to the parliament, has been in force since December 7, 2001, as the body that controls the flow budget AR. The Executives (members of the Board, which consists of the chairman, his deputy and seven auditors) are elected every 7 years.
Accounting Chamber of Azerbaijan is generally limited to general statements about the board meeting, without giving specific numbers and data. According to Article 6.0.3 of the Law of Azerbaijan "On receipt of information" ("The basic principles of information"), the disclosure of information on budget revenues and expenditures is the responsibility of government agencies, including the Chamber. - 17D-
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- Economics
- 25 February 2013 12:50
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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