Seminar on Problems of Sustainable Development
Today, Baku hosted a seminar on "Challenges of sustainable development - National consultations in Azerbaijan." Scientists and experts discussed with representatives of international and government agencies the main directions of development of the society to get rid of the causes which impel poverty.
Azerbaijan, where, according to the UN Development Programme, were implemented the basic criteria of the Millennium Development Goals by 2015, has been selected as one of 100 states, which will examine the objectives of sustainable development since 2015, said the UNDP Resident Coordinator Mr. Antonius Broek. According to him, Azerbaijan has adopted the concept of "Azerbaijan 2020: A look at the future", which reflects the main directions of development of socio-economic development of the country. According to Broek, the realization of this concept allows to reach a higher level of development and reduce poverty in the country.
Consultations began in March of this year and in June the final document to be available UN.
World Bank manager for Azerbaijan Larisa Leshchenko told Turan that in 2014 the World Bank will conduct its own investigation of the poverty level in Azerbaijan. "In assessing poverty in Azerbaijan WB were limited to official data (6% in 2012). But next year is planned to study the level of poverty on the basis of international criteria, "she said. In Azerbaijan, the poor are defined as those with incomes of less than AZN 119.30 per month (data GCS Azerbaijan).
Vice-Rector for Science and Innovation of the Azerbaijan State Economic University, said at the seminar that the approach to the problem of poverty in the fundamentally flawed: the poor man is not the one begging, but the one whose financial resources do not allow to change the car "Lada" in
The seminar was organized with the participation of the public association "Center for the Study of economic resources." -08C
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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