The Committee on Legal Policy and State Building of the Milli Majlis proposes to toughen the penalties for misuse of budgetary and other public funds.
According to the proposed amendments to the Criminal Code of Azerbaijan (article 308-1), for the admission of inappropriate use of the state budget, target budget funds and extra-budgetary funds a fine of 8,000 to 10,000 manats or imprisonment of up to 3 years will be applied.
Misuse of funds in the amount of 250,000 manat or more provides for the application of the penalty of imprisonment from 3 to 6 years.
The proposal will be submitted to the next session of Parliament in the spring session. --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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