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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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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