Today began a meeting of the Milli Majlis, where the main issue on the agenda is the discussion of the draft state budget for 2016 and related bills.
As the Chairman of the parliamentary committee on economic policy Ziyad Samadzade told the MPs, they have offered the government to extend the powers of the Central Bank of Azerbaijan Republic to collect information on private sector external debt. The legislative initiative comes from the President Ilham Aliyev, stressed the speaker.
The systematic analysis of the situation with foreign debts of local companies "will help to see the whole situation with the debt in the country and to improve the quality of the balance of payments," he said.
Recall the guaranteed foreign debt of Azerbaijan in January-June increased by 1.5% to $ 6.6 billion. According to the Finance Ministry, the external debt by the end of H1 was 12.2% of GDP and $ 685.6 per capita. --17D-
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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