The Ministry of Finance Budget Guide of the Citizen has been put on the official website (http://maliyye.gov.az/sites/default/files/CB_2016%2004112015%20arial.pdf) with the table of revenues and expenditures of the main fiscal law of Azerbaijan.
Thus, industry, construction and mining in 2016 the government allocated 3 billion 24.6 million or 16.4% of the expenditure part of the budget.
It is noteworthy that for the execution of government programs Cabinet will allocate AZN 3 billion in capital investment costs, amount to little more than transfers from the State Oil Fund (SOFAZ) - 3 billion 21.3 million AZN (total 6 billion AZN 21.3 million).
SOFAZ, according to tradition, will finance the improvement of social conditions of refugees and internally displaced persons, share of Azerbaijan's participation in the projects of the Southern Gas Corridor, as well as a number of objects protracted: reconstruction of irrigation Samur system - Absheron, the construction of the Baku - Tbilisi - Kars railway, as well as complex refining «Star» in Turkey. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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