During 9 months, 2013 incomes of the state budget of Azerbaijan Republic totaled 14,330,000,000 AZN, while costs – 12,719,000,000 AZN. As a result of that during 3 quarters, 2013 the budget had a proficit of 1,610,300,000 AZN.
According to the Azerbaijan Finance Ministry, during this period the Taxes Ministry transferred 4,929,900,000 AZN to the state budget, up 375.4 million AZN or by 8.2% against the same period last year. Of this amount 44.6% or 2,197,900,000 AZN was formed by the transfers into the oil industry (according to the State Oil Company of Azerbaijan (SOCAR), during 9 months, 2013 it paid 1,185,092,000 AZN to the state budget, while other oil companies paid 1,012,808,000 AZN).
From January to September 2013 transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget totaled 8,339,900,000 AZN. During 9 months, 2012 SOFAZ transferred 7,038,400,000 AZN to the state budget. During first three quarters 2013 transfers from SOFAZ to the state budget increased by 1,301,500,000 AZN or by 18.5%.
According to the estimates of Caspian Barrel Oil Studies Centre, considering transfers from SOFAZ from January to September 2013 share of oil incomes in the state budget totaled 10,537,800,000 AZN or 73.54%.—0---
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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