Does Declining Oil Revenue Equal Less Security for Azerbaijan?

Does Declining Oil Revenue Equal Less Security for Azerbaijan? Declining oil revenues and a changing energy marketplace are placing Azerbaijan’s social and economic development under strain. Worse still, observes Eric Eissler, the lost income might curtail the country’s defense spending at a time when Baku needs it most. By Eric Eissler for ISN ________________________________________ To say that Azerbaijan lives in a unique but troubled... Read More

Azerbaijani State Budget Approved

Azerbaijani State Budget Approved President of Azerbaijan Ilham Aliyev has approved the state budget for 2013.  The 2013 state budget revenues were approved at AZN 19,159,000,0, expenditures – AZN 19,850,000,0 (including centralized revenues at AZN 18,462,397,8, local revenues – AZN 696,602,2, centralized expenditures – AZN 18,335,450,0, local expenditures – AZN 514,550,0). Note; 1 AZN = 1,24 USD  Read More

$ 2,2 billion deficit in SOFAZ budget

$ 2,2 billion deficit in SOFAZ budget Revenue of State Oil Fund of Azerbaijan (SOFAZ) is forecasted at AZN 11,82 billion ($ 15,12 billion) since expenditure will be AZN 13, 59 billion ($ 17,32 billion) in 2013. SOFAZ will face budget deficit which will be AZN 1,78 billion ($ 2,22 billion) next year. Meanwhile Ministry of Finance reports SOFAZ will spend AZN 2,149 billion ($ 2,755 billion) on investment projects in 2013.  SOFAZ transfers to the... Read More

Social sphere accounts only for 25.4% of 2013 budget expenses

Social sphere accounts only for 25.4% of 2013 budget expenses The state budget bill for 2013 is of investment essence but despite this a huge part of the budget costs will be used for social sphere.  The statement came from Finance Minister Samir Sharifov at the joint session of six committees of Milli Majlis. He said social expenses will make 25.4% of the budget costs. These amounts will mainly be used for financing such spheres as science, culture,... Read More

2013 Budget Package at the Azerbaijani Parliament

2013 Budget Package at the Azerbaijani Parliament Azerbaijan’s budget project for 2013 will be discussed at the meeting of Economic Policy Committee, said the Committee Chairman Ziyad Samadzade. According to him, the budget package will be discussed at the plenary meeting of parliament, APA reports. Touching upon the base price of oil in the state budget Samadzade stressed that, this extent was not risky and within its determination the oil price... Read More

Azerbaijan State Budget for 2013

Azerbaijan State Budget for 2013 The revenues of the 2013 state budget are forecast to make up AZN 19,154 billion ($ 24,556 billion), while expenditures – AZN 19,8 billion ($ 25,384 billion).  According to the 2013 draft budget, the forecast revenues are AZN 2,116 billion ($ 2,712 billion) or 12.4% more against the 2012 state budget. Of the 2013 budget revenues, AZN 11.4 billion ($ 14,165 billion) or 59.3% of overall budget revenues will account... Read More

State Budget of Azerbaijan for 2012 Approved

State Budget of Azerbaijan for 2012 Approved Azerbaijani President Ilham Aliyev signed the law on “State Budget of the Republic of Azerbaijan for 2012” and the decree on the application of this law. Law and order shall come into force on January 1, 2012. Note that, budget revenues approved in the amount of AZN 16,44 billion($ 21,07 billion), expenses – AZN 17,07 billion ($ 21,88 billion) including centralized income – AZN  15 938 610 .5... Read More