President Ilham Aliyev signed an order to allocate funds for the urban development of Sumgait. It has become the fourth order of the sort after the personnel changes in the executive power of Sumgait in September 2015.
This time, the city’s executive power received 10 million AZN from the state budget. Road construction was allocated 5 million AZN and the continuation of the replacement of the roofing of 100 high-rise buildings was allocated 5 million AZN.
In total since October last year to date, the replacement of the roofing of buildings in the city has been allocated 16.5 million AZN.
Prior to this, there were two orders on the reconstruction of elevators in the city. 6.2 million AZN was allocated for that.
Currently under expansion is the main road of the city. Under construction are the Heydar Aliyev Center, chess and music schools and a new complex of the Seaside Park of 93 hectares. ----08D
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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