The presidential decree approving the draft budget execution of the State Oil Fund of Azerbaijan (SOFAZ) for the previous year has been released.
The document says that last year's budget was executed with a predominance of income over expenditure of $ 2 billion 613 million 809.3 thousand manats. That is, revenues were more than 12.73 billion manats (+ 9.5% of the forecast), expenses - 10.11 billion manats (minus 4.5% of the forecast).
Almost all of the revenue (12.32 billion manats) accounted for revenues from oil and gas sales, the proceeds of asset management, including foreign ones were 387 million 204.8 thousand manats.
Almost all the expenses occurred in the transfer to the state budget (9.34 billion manats) in appropriations for the improvement of social and living conditions of refugees and IDPs spent 299 million 998.2 thousand manats. --17D--
Economics
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The new law on "Political Parties," adopted two years ago, came into effect early last year and has been criticized by the Venice Commission, is already making its impact felt. On December 4, the activities of two political parties—the Freedom Party and the Party of Free Democrats—were halted through court orders. The Ministry of Justice cited discrepancies in the documentation of these parties as the reason for its appeal to the court.
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In the first ten months of 2024, Baku's trade turnover registered a 4.4% increase compared to the same period last year, reaching a substantial 28.2 billion manat, according to the Baku City Statistics Department.
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In a significant move to bolster its financial capabilities, Azerbaijan's state-owned energy company SOCAR has signed an agreement with Italy's Intesa Sanpaolo bank. The pact, which underscores growing cooperation between the two entities, marks a step forward in securing financial resources for SOCAR's ambitious projects, including its ventures in green energy.
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In the first 11 months of 2024, Azerbaijan experienced a robust recovery in its tourism sector, with 2.41 million foreign and stateless individuals visiting the country, marking a 27.4% increase compared to the same period last year, according to the State Border Service. This growth reflects Azerbaijan’s increasing appeal as a travel destination, bolstered by diversification in source markets and improved transport infrastructure.
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