Court of Auditors (SP) released a summary report on the audit of the Department of Housing and Communal Services (HCSD) of Baku City Executive Power. The report summarized the shortcomings identified are decision adopted in this regard. The audit covered the activities of the HCSD and its 29 units in 2015. The report, as in other previous audit reports, does not contain any figure on the financial variances and disadvantages.
"A number of shortcomings have been eliminated during the audit inspection. The remaining shortcomings must be eliminated as soon as possible, the guilty officials should be brought to justice," the report said. Those costs that were unreasonably high in 2015, will be cut in the budget of the HCSD Executive Power in Baku 2016.- 08D-
Economics
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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.
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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.
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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.
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"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.
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