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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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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