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 Azerbaijani government is determined to stabilize oil production. This intention was announced by President Ilham Aliyev earlier this year. "Work is underway to stabilize oil production, and I believe we will see results in the near future. We need stable oil production, and this task has been set before the investors," he remarked during one of his speeches.
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Representatives from the World Bank, Azerbaijan’s Ministry of Digital Development and Transport, and the leadership of the Baku International Sea Trade Port (BISTP) convened in Alat on Monday to discuss the implementation of the second phase of the port’s development, the largest on the Caspian Sea.
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Investments in Azerbaijan's fixed capital totaled 15.91 billion manats ($9.36 billion) in the first 11 months of 2024, marking a 3.8% decline compared to the same period last year, official data showed on Thursday by the State Statistics Committee.
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Discussions surrounding the implementation of a landmark renewable energy project on the Absheron Peninsula took center stage at a December 11 meeting hosted by Azerbaijan’s State Agency for Renewable Energy (AREA) under the Ministry of Energy. The project, initiated through a memorandum of understanding signed on March 1 in Baku, involves collaboration with the Spanish engineering giant Elecnor.
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