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 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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