The head of state Ilham Aliyev on April 11 signed a decree "On establishment of the State Housing Agency under the President of Azerbaijan and the organization of its activities."
The state agency is created in order to meet the citizens' housing needs, improve their living conditions, ensure the construction in the modern architectural style and compliance with environmental and energy efficiency.
According to the decree, the Regulations on the State Housing Agency and its structure have been approved. The total number of employees of the state agency has been defined at the level of 60 staff units.
Recall that last Saturday at a government meeting, President Aliyev spoke about the government's plans to build social housing. -06D--
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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