President Ilham Aliyev presented on the 7th of October the draft state budget to the Parliament. In 2014, the revenues of the state budget for the first time since the acquisition in 1991 of the state independence will be reduced by 4%. It can be assumed that the government next year will not go on increasing salaries to state employees.
In 2014, the government forecasts revenues of the state budget at 18 billion 384 million manats, or 775 million manat less than expected performance for the current year. The expenditure of the state budget is planned in the amount of 20 billion 063 million manats. Compared to the expected performance of the state budget for 2013 (19,850 bn) expenses for 2014 will increase by 213 million or 1.1%.
The state budget deficit in 2014 will grow compared to this year by about 1 billion manat , reaching 1,679 million manat.
In 2014, transfers from the State Oil Fund of the state budget will be reduced compared to this year by more than 2 billion manat (17.7%) to 9,337 million manat. It is noteworthy that excluding transfers from the State Oil Fund revenues of the state budget are forecast to increase 15.9 % (+ 1,238 mln).
The share of non-oil sector in 2014 will be 6,245 million manat, which is 1,076 million or 20.8 % higher than the figure for 2013. The Ministry of Taxes will provide the state budget with AZN 7.1 billion (+11%), and the State Customs Committee - AZN 1,510 mln (+9.4 %). - 08D-
Economics
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As part of the COP29 climate summit, Azerbaijan’s Minister of Economy, Mikayil Jabbarov, held a key meeting with Ibrahim Al-Isri, Chief Investment Officer of the Oman Investment Authority (OIA). The discussions underscored the growing economic collaboration between Azerbaijan and the Gulf Cooperation Council (GCC) countries.
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Sources from two negotiation teams at COP29 reported to journalists on Tuesday, November 19, that the volume of the "New Collective Quantified Goal" (NCQG) for climate financing, being discussed this week in Baku, is unlikely to exceed USD 500 billion. This limitation is attributed to the negotiation stance of the U.S. delegation in light of the shift in power following the presidential elections in the United States.
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G20 leaders, in their final declaration at the Rio de Janeiro summit on November 19, have issued a clear directive to their negotiators at COP29 in Baku: do not leave without agreeing on an ambitious "New Collective Quantified Goal" (NCQG) for climate financing, UNFCCC Executive Secretary Simon Stiell announced Tuesday.
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A panel discussion under the theme "Heritage Development for a Sustainable Future: Agriculture, Culture, and Adaptation to Climate Change" was held as part of the 29th session of the UN Framework Convention on Climate Change (COP29). The event, organized at the ICESCO Blue Zone pavilion, focused on integrating agricultural heritage with modern practices to address climate change, biodiversity preservation, and sustainable development.
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