The draft agreement "On the provision of technical assistance for the project to stimulate non-cash payments in the country" is ready. It may be signed between the World Bank (WB), the Ministry of Taxes of Azerbaijan and the Central Bank (CBA).
According to the report of the Ministry of Taxes, the World Bank took over the funding. The Parties shall consider the legal aspects of signing the document.
According to the economist of the leading financial agency in Azerbaijan, Kongyan Tan, work under the technical assistance includes the study of international experience in the promotion of non-cash payments and preparation of the final report. It also includes assessment of the situation in this segment, its impact on the budget, defining the role of the tax authorities in the promotion of non-cash payments and other matters.
Azerbaijan has been a member of the World Bank since 1992. During the period of cooperation, the bank has allocated loans of $3.3 billion for the implementation of 51 local projects. At present, the implementation of a third of them is continued. --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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