In 2014, the budget deficit will grow from 691 million to 1,679 million manat. The budget package gives no information about what means the government to patch this " hole."
As in previous years, the financing of the state budget deficit will be funded by proceeds from the sale of state assets, internal and external debt borrowing. In the budget package notes that one of the sources of the deficit will be the single treasury account balance, which is expected to be empty.
This year, the government expects the proceeds from the privatization of the state budget of 35 million manat, as much as it was in 2012. The bulk of the budget shortage the government hopes to fund through internal and external borrowing debts, that is, the placement of debt securities for a total amount of 440.5 million manat, 9.7 times more than in 2012. To finance the budget "hole" there will be also foreign grants in the amount of AZN 10.5 million (+1.5 mln). - 08B-
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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