BAKU, Azerbaijan, Sept. 6
By Zeyni Jafarov - Trend:
Last week the Azerbaijani Ministry of Finance announced the projected indicators of the state and consolidated budgets for 2021, Trend reports referring to the Azerbaijani Ministry of Finance.
The state budget revenues are planned to reach 24.3 billion manat ($14.3 billion) while expenditure - 25.8 billion manat ($15.2 billion) in 2021.
The price of one barrel of oil has been set at $35. To finance the costs associated with the continuation of measures to combat the COVID-19 pandemic in 2021, the funds worth 600 million manat ($352 million) are planned to be allocated.
The average annual growth of Azerbaijan's GDP for the next four years has been estimated at 3.75 percent while the inflation rate - within 2.7 percent and 2.8 percent.
At the beginning of last week, the indicators of insurance payments and fees of the Azerbaijani insurance companies for the first seven months of this year became known.
In accordance with the report of the Central Bank of Azerbaijan (CBA), 75 percent of fees and 85 percent of payments account for the share of five leading insurance companies of Azerbaijan.
Another important event in the country's financial market was the registration of a new United Agricultural Insurance Company.
The new insurance company will operate as the managing organization of the agricultural insurance fund under the Azerbaijani Ministry of Agriculture, Trend reported referring to the country's Ministry of Economy.
Moreover, last week, on the initiative of the "Azerbaijan Standardization Institute" legal entity of public law, the Technical Committee for Labor Safety Standardization (AZSTAND / TK 21) was established under the State Service for Supervision for Antimonopoly and Consumer Market Control under the Ministry of Economy, together with the State Labor Inspection Service under the Azerbaijani Ministry of Labor and Social Protection of the Population.
The committee was created with the aim of developing national standards that meet modern requirements in the field of labor and profession, carrying out expertise, analysis in connection with the updating and further use of existing standards, as well as participating in the work of relevant international and interstate organizations.
Besides these events, last week it became known that Novus Plastica LLC joined the Sumgayit Chemical Industrial Park.
According to the Azerbaijani Ministry of Economy, the enterprise with an investment value worth 11 million manat ($6.5 million) will provide more than 100 people with permanent jobs while the manufactured products will be supplied to both domestic and foreign markets under the "Made in Azerbaijan" brand.
Moreover, last week was marked by a drop in oil prices and multidirectional changes in the prices for precious metals.
Zeyni Jafarov
Department of Economics at Trend News Agency