The Minister of Finance Samir Sharifov reported about Azerbaijan's state budget revenues and expenditures in the past year. According to him, "people money box" missed 2.3 billion manats (11.6%), due to the reduction in transfers to the State Oil Fund (SOFAZ) as a result of the sharp decline in oil prices on world markets, and therefore it was decided to save foreign exchange reserves fund.
According to him, revenues from non-oil sector amounted to 6.95 billion manat (3% or 200 million AZN) to the forecast. The tax revenue share of this segment of the economy amounted to 40.5%.
"Keeping the priority of social expenses for this purpose was sent 32.1% of budget expenditures or 5.752 billion manats," said Sharifov.
Last year, spending on education amounted to 1.605 billion manats, health care - 708 million manat, social protection and support - 1 billion 857 million manats. On increasing the defense capability and security of the country, ensuring the social protection of servicemen in 2015 was sent to 17.9% of budget expenditure, on the budget of the Nakhchivan Autonomy – 331.000.000 manat, including 33 million manat for investment projects; for the state capital investments were allocated 3 billion 659 million manats. To finance major infrastructure projects through loans raised by the government were sent to 1.7 billion manat, SOFAZ funds - 994 million manats. The state budget revenues for 2015 were approved at the level of 19 billion 438 million manat, expenses - 21.1 billion manat with a deficit of 1 billion 662 million manat (2.8% of GDP). - 17D-
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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