The draft law on the budget for next year sent to the President of Azerbaijan
The Cabinet of Ministers has considered the bill prepared on the state and consolidated budget for 2014. Furthermore, they discussed exemplary figures projected for the next three years.
The document was approved and submitted to the head of state on the base of calculation of $ 100 for each barrel of oil exports, as last year. By law, the draft budget should be submitted by the Office of the President to the Parliament by 15 October.
Prime Minister Arthur Rasizadeh did not rule out the possibility of revising the budget in the event of an increase in world oil prices. Neither in this nor in the following year decline in prices is expected, he said.
The government forecasts GDP growth next year is expected to be higher than 5 %.
Revenues in the state budget for this year was approved at the level of 19 billion 159 million manat and expenditures - 19 billion 850 million manats with a deficit of 691 million manat ( 1.2% of GDP).
According to the Finance Ministry, in January-July budget surplus (positive difference between revenues and expenditures) amounted to 3.6 % of GDP, or 1 billion 147.2 million manat. - 17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review