Project on Control of Public Funds
Azerbaijan National Platform (ANP) - the local structure of the Eastern Partnership - Civil Society Forum started the project "System of effective control of public funds."
ANP reported that the project aims to strengthen the legal and institutional capacity of the structures controlling the spending of public funds (Milli Majlis and the Accounting Chamber), increasing the awareness of the public and the civil society on the transparent system of control over the management of public expenditure.
ANP's Internet portal will have a special section to control public funds. On social networks there will be a forum on the effective and transparent use of budget funds and the appropriate checks. Also as part of this project competitions will be held for journalistic articles, as well as meetings and discussions with members of the Parliament and the leadership of the Chamber.
The project will be implemented over a period of 20 months. ANP includes several NGOs of economic sense. - 08D-
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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