The Ministry of Finance predicts next year's reduction in the revenue and expenditure part of local budgets. Revenues will decrease by 8.2% to 766.3 million manats and expenses (minus 6.8%) - to 1 billion 541.3 million manats.
It is expected that government subsidies will also be suspended for the resort of Naftalan, which in this category will join the cities of Sumgait, Mingachevir and Shirvan, as well as the regions of Absheron and Imishli.
Most of the expenditure (60.8%, or 936.8 million AZN) will be directed to education, 13.9% or 213 700 000 manats - to health, and 11.8% or 181 400 000 manats - to housing and utilities. Administrations of the local executive authorities will be provided 7.6% or 116.7 million manats. --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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