A series of stamps has been released to mark the first European Games Baku-2015.
According to the information on the website of Ministry of Communications and High Technologies of Azerbaijan, the author of the initiative is the specialized company Azermarka. The issue represents all the 20 sports represented at the continental competitions.
Judging by the statements of the organizers, the Games will be participated by more than 6 thousand athletes from 49 countries and visited by approximately 1 million spectators.
Doctor of Economic Sciences Gubad Ibadoglu told Turan the Games will cost the state budget only officially 3.5 billion manat and become a symbol of uneconomical attitude in the unstable global economy. --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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