«Oil revenues are reduced, so it is necessary to give more benefits to innovation," said President Ilham Aliyev at the 8 September meeting on economic issues and work on the preparation of the state budget for 2016. Despite not rosier financial and economic situation, it was in an optimistic mood.
The President tied the processes occurring in the economy with the fall in oil prices, which, in his opinion, may be "the result of a political order." Despite the devaluation of the manat, the halving of foreign exchange reserves, and so on negative processes, he believes that the steps taken to diversify the development of non-oil sector helped to get out of this situation with minimal losses. "But we are trying and will try to do everything possible for Azerbaijani people not to suffer from it," the President said.
Gross domestic product, industrial production in Azerbaijan declined in absolute terms. However, Ilham Aliyev argues that the economic development in Azerbaijan is very rapid. "Oil production in Azerbaijan increases and decreases. Oil prices have fallen by more than half. But we are still developing, "said the head of state. He attributes this to the policy of his government.
Referring to the draft state budget for next year, the President said that he should take into account the "real situation". Next year's budget must be balanced, reflecting the reality and avoiding unnecessary spending, more socially oriented.
There should be implemented investment projects that make up the highest priority. "But projects that are not a priority, not of such an important nature, we should not include in the budget as an investment program. We cannot allow waste," he said.
The President noted the need to strengthen financial discipline, cost savings, protecting our foreign exchange reserves, especially reserves the State Oil Fund.
Ilham Aliyev spoke in favor of deepening the management reform. Once again he stressed the need for "more serious fight against corruption and bribery." 08D
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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