On Friday the plenary session of the Milli Majlis passed a bill "On the execution of the state budget of Azerbaijan for 2014." According to the chairman of the Accounting Chamber Vugar Gulmammadov, last year projections on road and land tax were performed at a low level. In addition, with the increase in public debt, it is proposed to develop a strategy to reduce it. The state budget revenues in 2014 amounted to 18 billion 400 million 565.230 manats. More than half of these funds (50.74%) are transfers from the State Oil Fund - 9 billion 337 million manat.
Total expenditure amounted to 18 billion 708 million 999,990 manat. In this segment, the leaders are public investment infrastructure projects, on which 6 billion 256 million 706.720 manat were spent. For services not included in the main list 2 billion 580 million 776.150 manat were spent.
According to the Ministry of Finance, at the end of last year, the free balance of the budget treasury account was at the level of 1 billion 728 million 622.300 manat, which have been transferred on the account of state budget for the 2015 fiscal year. --17D-
Economics
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The Supreme Eurasian Economic Council of the Eurasian Economic Union (EAEU) convened today, December 26, 2024, at a summit highlighting the evolving dynamics of regional cooperation and the complex interplay of geopolitical interests among EAEU member states. The meeting, held in Saint Petersburg, brought together the leaders of the EAEU countries to discuss a robust agenda that could shape the bloc's trajectory in 2025 and beyond.
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The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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