The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2016 has been approved by the decree of President Ilham Aliyev on 29 December.
The income of the Fund is projected at 6.7 billion manats, while the expenses are projected at 8.18 billion manats.
It is planned that the SOFAZ revenues will be generated from the net income of 6.09 billion manat, acre payments of 2.1 million AZN, the income from the transit of hydrocarbons - 12.6 million manat, the income from asset management and allocation – 604.8 million. manat, and other income – 210,000 AZN.
The expenditure includes: transfers to the state budget - 6 billion manat, funds for the improvement of living conditions of refugees - 90 million manat, for the reconstruction of the Samur-Absheron irrigation system - 70 million manat, for the construction of the railway Baku-Tbilisi- Kars – 137.6 million manat, to finance the state program on the education of youth abroad in 2007-2015 – 36.5 million manat, and to finance the state's share in the projects of the Southern Gas Corridor - 1.82 billion manat.
24.4 million AZN has been allocated for the management of SOFAZ. -0-
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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