The Ministry of Finance published a report on the operational performance of the state budget of Azerbaijan. Budget revenues (6 billion 133.8 million AZN) were performed at 78.9% in the first half of the year, and expenses (6 billion 821.5 million AZN) - at 88.8% with a deficit of AZN 687.7 million.
In the consolidated budget a surplus of 1 billion 36.6 million AZN was recorded (income amounted to 9 billion 262.7 million, expenditures - 8 billion 226.1 million AZN).
Income in transfers from the State Oil Fund amounted to 1.76 billion AZN or 28.7% of all budget revenues. The Ministry of Taxes contributed 3 billion 190.1 million AZN, and the State Customs Committee - AZN 995,400,000.
The leader in expenditure (43.4%) is the social sphere (the wage fund of state employees, pensions and social benefits, food and medical costs), which accounted for 2 billion 958.5 million AZN.
The construction and reconstruction of costly objects was spent 103.1 million manat, the construction of energy infrastructure, water and gas, transportation, utilities and land reclamation was spent 532 million AZN, and the financing of investment projects in the Nakhchivan Autonomous Republic was spent 19.1 million AZN. --17D-
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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