Day: April 14, 2023

The Accounting Chamber revealed ineffective spending in 16 structures to the sum of AZN 36.7 million in 2022 due to the conducted audits of compliance. This is stated in the report on the activity of the Accounting Chamber for the last year. According to the document, 12 million manats were provided for ineffective conditions in the contract concluded with the institution, 9.9 million manats were not used for equipment and goods purchased at the beginning of the audit period, 8.3 million manats were subsequently expensed for prepayment. In the period of inspection, 2.7 million manats were spent on activities which were not carried out due to other reasons, 1.4 million manats were spent for inactive fixed assets, 1.3 million manats were not used for software acquired at the beginning of the year, 0.6 million manats were unreasonably raised for works, 0.5 million manats were related to other ineffective circumstances.

Source: Turan News Agency

The Fourth Industrial Revolution Analysis and Coordination Center (4SIM) under the Ministry of Economy and Turkish company "Bulutistan" held an event entitled "Technology for sustainable development: 4IR technologies and cloud solutions" in Baku on April 13. The event focused on exchange of experience in the field of cloud technologies between Azerbaijan and Turkey, as well as cybersecurity, the press service of the Ministry of Economy reported. The panel sessions touched upon such topics as "Government Cloud and Cloud Services", "Finance and Security", "4IR Technologies and Cloud Solutions" and "Ensuring 4IR Ecosystem". which were attended by representatives of government agencies, scientific and educational institutions, private sector and experts, as well as advanced companies in Turkey that apply 4IR technologies. "In order to support the 4IR ecosystem, "Bulutistan" provided free cloud services for 5 months to four entrepreneurs who received startup certification in Azerbaijan. A memorandum of cooperation between 4SIM and "Bulutistan" was signed last year. The parties aim to accelerate the adoption of 4IR technologies, contribute to the development of digital economy and stimulate innovation in the industry.

Source: Turan News Agency

The average annual inflation (as compared to the same period of 2022) in Azerbaijan made up 13.8% in January-March of this year, the State Statistics Committee reported. For the two-month period this figure was slightly higher - 13.9%. During the three months of this year, food, alcohol and tobacco products cost 17.1% (including food products - 17.8%) more expensive on average than in the comparable period of the last year. The price index for non-food products rose by 12.0% during this period, and paid services to the population - by 10.6%. According to SSC's estimates, in March this year consumer price index in Azerbaijan was up by 13.6% from March last year. At that. monthly inflation amounted to 0.7%. As compared to February this year, food prices rose by 1.3% on average, non-food products - by 0.3% and paid services to population - by 0.2%. The prices for bread, bakery products and cereals fell by 0.2% on average over the month, butter and vegetable oil - 0.5%, eggs - 3%. Meat and meat products became 2.1% more expensive than in February, fish and fish products - 2.2%, fruit - 5.1% and vegetables - 1.7%. It is worth reminding that in February this year, the government raised fares on public transport (metro, intercity and suburban bus lines) by 33% and on intercity bus lines by 25%.

Source: Turan News Agency

The State Oil Company of Azerbaijan (SOCAR) will open a representative office in Bulgaria at the end of April, whereas earlier this event was planned for May. An informed source told Turan that the official opening ceremony of SOCAR's representative office in Sofia is scheduled for April 25, and the President of Bulgaria Rumen Radev, delegations from Azerbaijan (probably the head of the Ministry of Energy), Turkey, Romania, Hungary and Slovakia intend to take part in the ceremony . The opening event of the office will take place within the framework of the ministerial meeting in Sofia on the project of the gas pipeline "Ring of Solidarity", the participants of which are the above-mentioned states. The SOCAR office, the organization of which has been carried out since the autumn of 2022 (then, during the visit of the President of Azerbaijan to Sofia, this intention was announced), will be opened in the center Sofia, near the administration of the President of Bulgaria. To remind, relations between Azerbaijan and Bulgaria in the energy sector are developing on the increase after this Balkan country connected to the Southern Gas Corridor through the IGB interconnector in 2022. In 2023, Azerbaijan will reach the peak of gas supplies to Bulgaria under long-term contracts signed in 2013 - 1 billion cubic meters per year. Bulgaria is interested in obtaining additional volumes of gas, including within the framework of the "Ring of Solidarity" project initiated by it (together with Romania, Hungary and Slovakia). A source told Turan that a document on Azerbaijan's accession to this project is being prepared, but without contractual obligations, indicating the intention to support the Balkan participating countries to the project in case of an urgent need for "blue fuel". This position of Baku is connected with the fact that the "Ring of Solidarity" project partly competes with the project of expanding the Southern Gas Corridor, which is a priority for Azerbaijan. Besides, in order to implement the "Ring of Solidarity" project, Azerbaijan needs to agree with Turkey on a transit agreement on pumping those volumes (actually additional) that do not relate to the volumes contracted in 2013 with "Shah Deniz". This agreement with Turkey has not yet been reached. Bulgaria in April began receiving American liquefied natural gas through Turkish sea terminals. Thus, having refused to purchase gas from Russia a year ago, Bulgaria is currently focusing on gas from Azerbaijan (covering a third of its needs) and the USA (two thirds of the needs).

Source: Turan News Agency

The "Shahdag Tourist Center" OJSC has published an audited financial report for 2021, according to which, in 2020 and 2021, the losses of the state ski resort amounted to 23.2 million manats ($13.6 million), even with direct state funding for these years totaling 26,659,000 manats ($15.6 million). In 2021, the "Shahdagh Tourist Center", which includes two hotels, entertainment and recreation facilities, several ski slopes, etc., generated income in the amount of 7.4 million manats, which is up by 23.1% from the previous year. At the same time, the cost of services rendered in 2021 (10.3 million manats) dropped by 0.6%. A share of wages (5.117,000 manats, +10.2% as compared to 2020) in the cost of deductions was approximately 50%. Note that the JSC transferred over 1 million manats to social contributions of employees. Suppliers of goods, works and services were paid 11.579.300 manats (+5%) for the year. Worthy of note is that during the year the tourist center raised the costs of consulting and translation services provided to it (over 2 million manats) by 57.3%. JSC "Shahdag Tourist Center" has been operating for the last 10 years and all this time it has been working at a loss to the state, which has invested about $ 1 billion in the construction of this summer and winter resort. As of the beginning of 2022, the unpaid losses of the JSC exceeded 88 million manats.

Source: Turan News Agency

Azerbaijan produced the gross domestic product worth 30.3 billion manats ($17.8 billion) in January-March this year, in real prices 0.4% more than in the same period of the last year, the State Statistics Committee reported. At that, the value added in the oil and gas sector of the economy fell by 3.9% and grew by 4.9% in the non-oil and gas sector. The Industry accounts for 47.5% of GDP production, trade for 9%, transport for 5.4%, construction for 5%, agriculture, forestry and fishing for 2.6%, ICT for 1.5%, tourism and catering for 1.9%, net taxes on goods and imports for 9.5%, etc. Per capita GDP for the three months was 2.991,2 manats ($1.759). During January-February of this year the GDP growth was also 0.4%. Last year Azerbaijan's GDP (AZN 133.8 bn) grew by 4.6%.

Source: Turan News Agency