The role of agro-parks in the development of the non-oil sphere, problem loans and the Bank Ombudsman, and assessment of the financial situation of the country by international rating agencies are the leading topics of today's press.
The Azerbaijan published an article on the conference in Shamkir Agro-park on August 21. Its participants were farmers, representatives of the Agricultural Research Institute, and local and foreign companies. The event included the presentation of the just opened agro-park in Shamkir and its logistics center.
The Echo publishes an article on the growth of problem loans. The establishment of the Bank Ombudsman institution in Azerbaijan will not solve the problem of overdue loans.
A bank or financial ombudsman is a pre-judicial structure that allows resolving a conflict between a bank and a client before going to court. This is very convenient, since the trial lasts a long time and costs dearly.
The volume of overdue loans in Azerbaijan at the beginning of July 2017 was 1 billion 810.7 million manats (an increase of 23%) or 13% of all loans.
The Novoye Vremya writes about the downgrade of the credit rating of Azerbaijan by the rating agency Moody`s Investors Service.
Moody's has completed the revision of the country's ratings, launched on May 19 this year. The downgrade reflects a significant and continued weakening of the financial and economic situation in Azerbaijan under the influence of continuing low oil prices, a reduction in the oil production potential and a very weak banking system. Analysts of Moody`s expect the country's gross national debt to increase from 51% last year to about 52% of GDP in 2017 and over 55% of GDP by the end of next year. According to the agency's forecasts, real GDP will decrease by about 1.5% this year after falling by almost 4% in 2016. -0 ---
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On Tuesday, rainy weather with thunderstorms and moderate northwest wind is expected in the Baku, according to meteorologists. The rainy weather will continue untill Wednesday evening. The air temperature at night will be +7 to +10°C, and during the day, +11 to +13°C. The humidity will be 80-90% at night and 70-80% during the day. Rain with thunderstorms will also affect other parts of the country. Snow is expected in mountainous areas. There will be fog in places, with westerly winds.
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Industry leaders from Google, Ambition Loop, and Azerbaijan Railways joined Azercell to explore corporate responsibility, innovative solutions, and collaborative approaches to advancing sustainability
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The COP29 conference concluded in Baku, leaving behind a trail of controversy and criticism. Renowned historian Jamil Hasanli characterized the event as a vivid reflection of governance problems in Azerbaijan under President Ilham Aliyev. Hasanli, a staunch critic of the administration, described COP29 as an expensive spectacle that exposed systemic failures and intensified international scrutiny of Azerbaijan's political and economic structures.
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President of the European Parliament Roberta Metsola has invited Azerbaijani economist and political prisoner Professor Gubad Ibadoglu to Strasbourg to attend the 2024 Sakharov Prize award ceremony. The invitation, delivered by Member of the European Parliament Michael Bloss at the COP29 climate conference, comes as Ibadoglu remains under house arrest and prohibited from leaving Azerbaijan.
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