Specific Weight of State Budget in Total Capital Investments to Be AZN 3 Billion 654.4 Million in 2017
According to the preliminary forecast of the consolidated budget of Azerbaijan for the next year, published by the Ministry of Finance, the specific weight of the state budget in the total capital investments will amount to 3 billion 654.4 million AZN in 2017.
Of this, AZN 560 million will be allocated to increase the authorized capital of the State Oil Company (SOCAR) through its participation in the project Southern Gas Corridor, AZN 1.3 billion will be spent on "priority investment projects" not disclosed by the Finance Ministry, and AZN 1 billion 796.4 million will be spent on "special public procurement" in the social and domestic, administrative, repair and construction, and other areas. --17D-
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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