Next week there will be a discussion of the draft state budget for 2015. According to the information on the website of the Ministry of Finance of Azerbaijan, the Board has approved the main fiscal law, now it should be approved by the Cabinet. Discussed will be not only the budget for next year, but also for 2016-18.
With reference to the Minister of Finance Samir Sharifov, it is said that the costs of the state budget for 2015 will support the economic and social reforms, strengthen the country's defense, environmental, economic and food security, and help timely implementation of commitments to service the external debt.
Azerbaijan's state budget for this year was approved with revenues of 18 billion 384 million manat and expenditures of 20 billion 63 million manat. The state budget deficit is projected at 1 billion 679 million manat or 2.87% of GDP. --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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