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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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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At the COP29 event titled "Climate Finance Landscape in the South Caucasus and Central Asia" held on November 14, Roland Price, Regional Director of the World Bank for the South Caucasus, highlighted the substantial economic and environmental damage faced by the countries of the South Caucasus, which she estimated at around $100 million annually.
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SOCAR Green, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), has signed a series of agreements at the COP29 summit aimed at bolstering the development of renewable energy sources, enhancing energy efficiency, and promoting sustainable growth in Azerbaijan.
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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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