Report of Accounting Chamber in H1
The Accounting Chamber of Azerbaijan has published a report for the first half of 2015. In particular, the verification regarded procurement - this was covered by audit tendering procedures at a total value of 885 million manat.
Overall, from January to July, 34 comprehensive inspections were conducted, as well as 58 measures to control performance. In particular, the Board decided on the results of all the 34 checks. One of them was complex - the audit regarded both revenues and expenditures of the state budget, one - budget expenditures and funds received under the state guarantees for loans, 29 - the cost of the state budget, two - funds of the State Social Protection Fund (SSPF), and one - the budget of the State Oil Fund of Azerbaijan (SOFAZ).
In the first half of the year the Chamber verified the use of the State Social Protection Fund in the amount of 6.8 million manat and the SOFAZ budget for 2014. The volume of credit issued under the state guarantee amounted to 25.6 million manat. There were taken 107 decisions, 43 of which are connected with the decisions of control measures. At the same time the Accounting Chamber on the basis of checks sent orders to 50 structures of which 34% are local executive authorities.
The state budget of Azerbaijan was repaid 1 million 564.3 thousand manat and the recovered funds are linked to salaries, increase in the cost of construction works, etc. Checks ensured delivery of inventory and equipment for 1 million 309.1 thousand manat and provision of works and services for 352.5 thousand manat.
As a result of inspections in the first half of 2015 various disciplinary actions were arranged against 101 officials. --17D-
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- Politics
- 23 July 2015 14:54
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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