The IMF mission which arrived in Baku had talks in the Ministry of Economy, and discussed the issues of minimizing the negative of lower oil prices in the world. According to the Ministry of Economy, it was also affected by the expansion of cooperation between Azerbaijan and the IMF. The IMF delegation were adopted by the State Oil Fund, where they discussed issues of cooperation. The IMF and Azerbaijan do not have talks on attracting an urgent package of international financial assistance, reads the official information. "SOFAZ said that Azerbaijan has sufficient foreign exchange reserves and the macroeconomic situation is stable. The meeting raised the topic "Azerbaijan's transition to a new economic model in the strategy of Ilham Aliyev, the program". The report dioes not say what exactly is this strategy and model. -02D-
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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