Tax service will help increase the capacity of the EU strategy
The twinning project "Support to the Ministry of Taxes in the development of human resources" starts. The joint idea of the Ministry of Taxes of Azerbaijan and the European Union will be implemented over two years, the Deputy Minister Sahib Alakbarov told the media today. According to him, the purpose of the intentions is increasing the capacity and knowledge of the main fiscal agencies on the basis of long-term strategy.
The project will develop rules and regulations to increase the motivation of employees of tax authorities and their professional growth. Partners will be the similar ministries from Spain and France.
The head of the EU Delegation in Baku Malena Mard noted that the cost of the project is € 1 million. She believes that in this framework an HR strategy and an action plan will be prepared for the Ministry of Taxes. --17D-
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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