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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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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