The Minister of Finance Samir Sharifov said that at the revision of the parameters of the state budget the oil price will be calculated at $ 25 per barrel. Recall, the President approved the budget, based on the price of oil at $ 50 a barrel.
The minister said that the government plans to increase budget revenues to 16.4 billion AZN and expenditure - up to 18.2 billion manats. Recall, according to the approved law on the state budget for this year the revenues amount to 14 billion 566 million AZN and the costs are 16 billion 264 million AZN with a deficit of 1 billion 698 million manats.
In other words, revenues will increase by about 1.9 billion manats - mainly through transfers from the State Oil Fund of Azerbaijan Republic (1.2 billion manats). Regarding the revision of certain expenditure items of the budget, the minister said that they would cut the cost of foreign debt servicing, the management of the diplomatic missions abroad, membership fees in international organizations and others. On the contrary, costs for the poor will increase. For this purpose, additional funds in the amount of more than AZN 1 billion are provided, he said. --17D-
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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