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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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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