Term for Infrastructural Projects in Azerbaijan to be Decreased
Azerbaijan, Baku, 1 May / Trend corr. I.Khalilova / The Azerbaijani Government is to cut the term of the production and social infrastructure in the country," Elman Rustamov, National Bank of Azerbaijan (NBA) Board Chief, stated in the meeting of Parliamentary Commission on Economic policy.
"The state policy is directed at implementing these measures against the rise of oil prices and expansion of resources," Rustamov said. for
A strong economical structure is necessary in order to reduce the independence of economy from the oil sector and develop a non-oil sector. However, the investment inflation has been rising due to the price increases and the expansion of work to implement the projects.
"Currently investment inflation overcomes the consumer in Azerbaijan which occurs as implementation of projects takes several years. The government is to allocate additional funds in order to fulfill the projects within a fixed period of time," Rustamov stated.
The minimum salaries and pensions should be raised as a result of strained development and inflation caused by current world practices. "All these measures were reflected in the amendments of the State Budget for 2008. The key target is to reinforce social protection, potential and provide an increase of investment activity to implement infrastructural projects," Rustamov said.
The Coordination Committee, founded by officials from the Ministry of Finance, Economic Development Ministry and State Oil Fund of Azerbaijan, is being carried out in order to study macro economical and monetary results on the economy.
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