The State Commission on Agricultural Subsidies supervised by the Ministry of Agriculture adopted a decision on the allocation of 63.2 million manats for the use of fuel and motor oil in the cultivation of 1 million 264 thousand ha. The subsidies from JSC Capital Bank will be received by 372,234 manufacturers.
This year, which the government announced the Year of Agriculture, the subsidy was increased from 40 to 50 manat per hectare. Therefore, the total amount of grants awarded increased in comparison with 2014 by 11.4 million manats or 22%.
The Ministry of Agriculture reports that the list of people, who receive subsidies from the state budget, is posted on its website (www.agro/gov.az). This practice has been applied since 2013 with the purpose to increase transparency in the allocation of subsidies. The Republican Commission detected facts of misappropriation of these funds by officials in previous years.
It should be noted that on 16 March, the Commission also provided over 17 million AZN to 129,000 producers of wheat and rice, who planted these important crops on 426.3 thousand ha.
Recall that the state pays to suppliers 70% of the cost of fertilizers at a reduced price. Just this month the Republican Commission decided to grant subsidies to 5 importers (JSC Agroleasing, LLC Agrokimya, GBR Trade, Phyto Trade and Micro Az Feed), amounting to 7 million 280 thousand manats for the reimbursement of 70% of the preferential sale to farmers of 17,841 tons of mineral fertilizers. -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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