People temporarily residing in the ambulance building to be housed
The 155 families of internally displaced persons temporarily settled in the unfinished ambulance building in the 9th micro district of Baku will be housed. On February 26 President Ilham Aliyev signed a decree on the allocation of AZN 14 million for this purpos from the Reserve Fund of the President in the state budget for 2013.
The State Committee for Refugees and IDPs told Turan several high-rise residential buildings will be built for these families in the village Mushvigabad of the Garadagh district of Baku, on the land where a housing estate has been built for the displaced.
After the completion of the design work the construction work will start. The residential buildings will be ready for operation by the end of this year. All the apartments will be provided for the use of the citizens in a renovated form and with the necessary appliances.
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Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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