Prezident İlham Əliyev.
Baku / 09.09.20 / Turan: On September 9, President Ilham Aliyev issued a decree establishing the Economic Council of the Republic of Azerbaijan and its composition headed by the Prime Minister. The new structure is being created in order to form a new basis for the strategic management of economic policy, reflecting the national development priorities of the country in the post-pandemic period.
The Economic Council consists of two presidential aides, two assistants to the First Vice President, the Ministers of Economy and Finance, the Minister of Labor and Social Protection, the Chairman of the Central Bank, and the Executive Director of the State Oil Fund. By the same decree, the Financial Stability Council of the Republic of Azerbaijan, created in July 2016, was disbanded.
To organize the activities of the Council, its Secretariat is created. The functions of the Secretariat are recommended to be performed by the CBA.
The Economic Council was instructed to prepare and submit to the head of state proposals on economic reforms and directions of economic policy in the fiscal, monetary, and financial and banking sectors. ----08D--
Economics
-
Azerbaijan’s once-burgeoning oil revenues are on the decline, posing a significant challenge for the nation’s economy. The State Oil Fund of Azerbaijan (SOFAZ) is projected to receive approximately $5 billion from oil sales this year, a sharp drop from previous years. In 2022, buoyed by high oil prices, revenues surged to about $10 billion. However, last year’s figures dipped to just over $6 billion, and further declines are anticipated due to decreasing production.
-
Aliya Asimova, representative of the International Finance Corporation (IFC) in Azerbaijan, outlined the organization's renewed focus on combating climate change during her address at the business forum "Raising Ambitions and Stimulating Activities: Forum Sustainable Business COP29."
-
Azerbaijan has unveiled ambitious plans to curb greenhouse gas emissions and propel its economy towards sustainable growth. Minister of Ecology and Natural Resources Mukhtar Babayev delivered this proclamation during the esteemed forum "Growing Ambitions and Incentives for Action: COP-29 Sustainable Business Forum."
-
The Huawei Tech Carnival and Partner Summit 2024 commenced with a resounding declaration of Huawei's commitment to driving industrial intelligence, as the launch of the Xinghe Network for the Middle East and Central Asia region took center stage in Baku.
Leave a review