The draft law on the state budget of Azerbaijan for 2016 has been submitted to the Milli Majlis.
According to the estimated figures, the total borrowing limit was set at 4 billion manats, of which 2.5 billion AZN is from domestic and 1.5 billion AZN from external sources. The total borrowing limit will be, according to these data, 27.46% of the planned revenues (14 billion 566 million AZN).
At the same time the cost of servicing domestic and foreign debt will amount to 1 billion 249 million 735.15 thousand manats (7.68% of expected expenditure of $ 16 billion 264 million AZN). For the domestic debt service there will be allocated about 301.07 million manats, and for the foreign debt - 948.67 million manats. --17D-
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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