Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Thursday December 12 2019
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Economy minister calls for further development of private sector

14 November 2019 19:04 (UTC+04:00)
700

By Rasana Gasimova

Newly-appointed Economy Minister Mikail Jabbarov, who is known for his reforms, has called on the government to take measures to promote the development of private entrepreneurship in the country, while discussing Azerbaijan’s draft state budget for 2020 at a plenary meeting of the Parliament on November 12.

Jabbarov said that one of the main tasks of the government today is effective management of state property.

“State-owned companies should have an accurate and clear strategy; they should not become a burden for the state budget. New standards must be applied to this area,” Jabbarov emphasized.

He stressed the importance of completing the recovery of the banking sector and ensuring business access to finance.

In 2020, the Azerbaijani government plans to direct 245 million manats ($144.1 million) to financing of mortgages and construction of social housing, Finance Minister Samir Sharifov said in the same meeting.

"Next year, we are planning to direct 245 million manats to finance mortgages, construct social housing and provide apartments to military personnel," Sharifov said.

He said that in 2020, the state budget’s social expenses will amount to 10 billion 642 million manats, which is 2 billion 874 million manats more than those of 2019.

Addressing the meeting, Speaker Ogtay Asadov said that important structural reforms are underway in the country. As a result of these reforms, Azerbaijan ranked among the 20 most successful reformer countries in the latest World Bank report.

Asadov stressed that over the past nine months, Azerbaijan’s GDP grew by 2.5 percent, adding that the country’s non-oil industry is rapidly developing.

He went on to say that Azerbaijan’s strategic currency reserves exceeded $ 48 billion.

“Over the nine months of 2019, household incomes grew by 8.9 percent, whereas inflation amounted to 2.6 percent. This which indicates increased prosperity,” he said.

Ziyad Samedzade, the Chairman of the Economic Policy, Industry and Entrepreneurship Committee of the Azerbaijani Parliament said that reforms carried out in recent years, particularly the fight against the "shadow economy", are yielding results. This is also observed in tax and customs revenues.

He added that over the past nine months, the country’s nominal GDP growth amounted to 1.2 percent. This indicator for the non-oil sector amounted to 7.6 percent. Growth in tax revenues amounted to 5.7 percent.

Samedzade noted that the forecast for the corresponding period of 2019 was fulfilled by 104.9 percent, by 95.9 percent in the oil sector, and by 109.5 percent in the non-oil sector.

He informed that the number of active VAT payers increased by 32.9 percent as of November compared to January  2019.

Samedzade also said that Azerbaijan’s state budget has increased significantly in recent years.

He added that Azerbaijan must be able to take more decisive steps towards improving defense capability, economic power and improving the population’s living standards.

Earlier, it was noted that Azerbaijan’s State Budget for 2020 will be the country’s largest projected budget since 1991.

Azerbaijan’s state budget revenues for 2020 are projected to amount to 24 billion 134.5 million manats ($14 billion 196.4 million manats), while expenses are expected to reach 26 billion 913.7 million manats ($15 billion 831.6 million)

---

Follow us on Twitter @AzerNewsAz

  • #AZERBAIJAN’S STATE BUDGET

Related News

Parliament approves State Budget for 2020

Parliament approves State Budget for 2020

28 November 15:27
Azerbaijan to increase expenditures in social sphere

Azerbaijan to increase expenditures in social sphere

6 November 13:16
Azerbaijan’s state budget revenues grow

Azerbaijan’s state budget revenues grow

19 July 10:51
Customs contributions to Azerbaijan’s state budget increase

Customs contributions to Azerbaijan’s state budget increase

8 July 15:20
Tax revenues to Azerbaijan’s state budget from banks, insurance companies increase

Tax revenues to Azerbaijan’s state budget from banks, insurance companies increase

3 July 12:15
Azerbaijani parliament adopts law on state budget execution for 2018 in second reading

Azerbaijani parliament adopts law on state budget execution for 2018 in second reading

14 June 15:19
Law on execution of Azerbaijan’s state budget for 2018 adopted

Law on execution of Azerbaijan’s state budget for 2018 adopted

31 May 15:27
MP: Funds from Azerbaijan’s state budget should be allocated to online media

MP: Funds from Azerbaijan’s state budget should be allocated to online media

7 November 2018 19:00
MP: Azerbaijan’s image remains at highest level

MP: Azerbaijan’s image remains at highest level

7 November 2018 16:00
Azerbaijan's state budget revenues increase by one third

Azerbaijan's state budget revenues increase by one third

17 October 2018 12:45
  • Latest
  • Popular
11 December 18:21 • Memory of jazz legend to be honored
11 December 18:06 • Turkmenistan, ICRC mull co-op program for 2020
11 December 17:52 • Appeals by some parties for partaking in parliamentary elections considered in Azerbaijan
11 December 17:45 • Expert: Azerbaijan enters new political cycle [EXCLUSIVE]
11 December 17:30 • World Bank to finance judicial reforms in Azerbaijan
11 December 16:55 • Farid Shafiyev: EU welcomes ongoing reforms in Azerbaijan
11 December 16:37 • Digital New Year Campaign from Azercell! [PHOTO]
11 December 16:20 • Young entrepreneurs to receive tax benefits [PHOTO]
11 December 16:04 • Azerbaijani president receives delegation led by commissioner of Statistics Korea
11 December 15:45 • Gloomy weather expected in capital
11 December 15:26 • Bulgaria interested in transporting cargo via BTK
11 December 15:00 • Tourism infrastructure projects to boost tourist flow to Kazakhstan's Karaganda
11 December 14:30 • Armenia destroying water resources in occupied territories
11 December 14:15 • Belgian violinist to perform in Baku
11 December 14:00 • Georgia approves state budget for 2020
11 December 13:45 • Ballots' distribution to precinct commissions for municipal elections starts in Azerbaijan
11 December 13:20 • Turkmenistan, Lithuania mull strengthening co-op
11 December 13:05 • Does social media negatively affect our mental health?
11 December 12:44 • President Ilham Aliyev receives BP Chief Executive Officer [UPDATE]
11 December 12:36 • Deputy PM: Process of early parliamentary elections officially starting in Azerbaijan
11 December 14:30 • Armenia destroying water resources in occupied territories
11 December 13:20 • Turkmenistan, Lithuania mull strengthening co-op
11 December 15:26 • Bulgaria interested in transporting cargo via BTK
11 December 11:05 • Minister says Armenia in economic impasse due to its destructive policy
11 December 11:54 • Armenia's denial of aggression against Azerbaijan challenges international law
11 December 10:34 • Azerbaijan among TOP-10 countries by EBRD investments
11 December 11:16 • Penoplex company launches construction of thermal insulation boards in Azerbaijan
11 December 13:05 • Does social media negatively affect our mental health?
11 December 12:24 • Company promoting F1 Azerbaijan Grand Prix to move to "green strategy"
11 December 10:18 • King Abdullah II of Jordan completes official visit to Azerbaijan [PHOTO]
11 December 15:00 • Tourism infrastructure projects to boost tourist flow to Kazakhstan's Karaganda
11 December 17:30 • World Bank to finance judicial reforms in Azerbaijan
11 December 12:44 • President Ilham Aliyev receives BP Chief Executive Officer [UPDATE]
11 December 10:49 • Gold, palladium prices up in Azerbaijan
11 December 12:36 • Deputy PM: Process of early parliamentary elections officially starting in Azerbaijan
11 December 11:47 • Turkey, Azerbaijan ink road transport document
11 December 10:00 • Armenia violates ceasefire with Azerbaijan 21 times
11 December 16:20 • Young entrepreneurs to receive tax benefits [PHOTO]
11 December 14:00 • Georgia approves state budget for 2020
11 December 13:45 • Ballots' distribution to precinct commissions for municipal elections starts in Azerbaijan
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2019 AzerNews. All rights reserved