Total Borrowing Limit of State Budget Could Reach Four Billion Manats
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'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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