The committees of Milli Majlis (MM) began discussing the draft budget 2016.
On 2 October the budget package was tabled in the joint meetings of the committees on security and defense, economic policy, science and education, social policy and natural resources.
Budget revenues are projected at 14 billion 566 million manats (6 billion manats are transfers from the State Oil Fund). Expenditures will amount to 16 billion 264 million manats.
The forward-looking data on the revenue side are made up of the price calculation for 1 barrel of oil at $ 50.
In 2016 budget revenues are expected to be 4 billion 872 million manats less than in the current year. Expenditure in 2016 will decline by 4 billion 836 million manats.
It should also be noted that during the adoption of the state budget in 2015 the US dollar was 0.78 manats, and now it is 1.05 manats. In dollar terms, revenues of the state budget in 2016 will be reduced by a third. For example, in 2015 the budget revenues amounted to 22 billion USD, and in 2016 they are projected to total 14 billion USD. -03D06-
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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