shutterstock.com
Revenues and expenditures of the state budget-24 increased by 408.0 million manats
Baku/26.09.23/Turan: The Ministry of Finance announced a significant increase in both revenues and expenditures of the state budget for 2024, which will amount to 408.0 million manats, respectively.
The decision to boost these financial parameters was made by the Cabinet of Ministers. Revenues for the upcoming fiscal year are now projected at 34 billion 173 million Manats, while expenses are expected to reach 36 billion 763 million Manats. However, the specific details regarding the adjustments to revenues and expenses have not been disclosed in the official statement.
In the earlier version of the budget, revenues were initially anticipated to be 33 billion 765 million Manats, with expenditures projected at 36 billion 355 million Manats.
In the fiscal year 2023, the state budget recorded revenues of 33 billion 779.5 million Manats and expenditures totaling 36 billion 568.8 million Manats, providing context for the notable changes introduced in the 2024 budget.--0--
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review