May 29
Fitch: Restructuring of biggest Azerbaijani bank won’t affect ratings of SOCAR, Azerenergy
The restructuring of the International Bank of Azerbaijan (IBA) will not affect the ratings of Azerbaijan’s state oil company SOCAR and Azerenergy JSC, according to a report of the international ratings agency Fitch Ratings.
SOCAR is rated ‘BB+’ with Negative Outlook, says the report.
Fitch Ratings says Azerbaijan’s incentive to support SOCAR in case of need is still strong.
“We assume that the share of state-guaranteed debt will remain fairly stable in the medium term and there are no plans at present to privatize Azerenergy. State guarantees for Azerenergy’s debt are included in the government’s debt,” says the report.
May 30
Ilham Aliyev meets delegation led by Statoil executive vice-president
President of the Republic of Azerbaijan Ilham Aliyev has received a delegation led by Lars Christian Bacher, executive vice-president of Development and Production International at Statoil company.
Azerbaijani president, first lady attend opening of newly-built roads in Baku
President of the Republic of Azerbaijan Ilham Aliyev and First Lady Mehriban Aliyeva have attended the opening of the newly-built roads, which make a continuation of the Mirzaagha Aliyev and Fuzuli streets in former “Sovetski” area” in Yasamal District, Baku.
The head of state and first lady viewed progress of work in other streets.
CBA prepares package of proposals on economic reforms in Azerbaijan
The Central Bank of Azerbaijan (CBA) has prepared a special package of proposals on economic reforms in the country, CBA head Elman Rustamov said.
He was addressing the conference titled “Economic Reforms: Achieved Results and Recommendations” in Baku.
The package of proposals will soon be submitted to the Azerbaijani Financial Stability Board, according to Rustamov.
“The proposals cover the establishment of an active money market in Azerbaijan, strengthening the trust relationship between credit institutions, application of the guarantee mechanism, development of non-cash payments and full transition to cash-free settlements,” he noted, adding that these proposals require serious macroeconomic coordination.
Ilham Aliyev receives Saudi state minister for Arabian Gulf affairs
President of Azerbaijan Ilham Aliyev has received Minister of State for Arabian Gulf Affairs at the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia Thamer bin Ali Sabhan Al Sabhan.
May 31
Azerbaijani president, his spouse attend opening of Caspian Oil & Gas Exhibition and Conference 2017
President of Azerbaijan Ilham Aliyev and first lady Mehriban Aliyeva have attended the opening of the 24th International Caspian Oil & Gas Exhibition and Conference 2017, as well as the 7th Caspian International Power and Alternative Energy Exhibition at Baku Expo Center. The head of state made a speech at the event. The US Deputy Assistant Secretary for Energy Diplomacy in the Department of State's Bureau of Energy Resources Robin Dunnigan read out the congratulatory message of US President Donald Trump to the conference participants. The event then featured a video message of European Commission Vice-President for Energy Union Maros Sefcovic to the conference participants.
Following the speeches, the head of state viewed the stands at the exhibition.
Azerbaijan preparing new strategy for managing gov’t debt
The Azerbaijani government is preparing a strategy for public debt management, said the country’s Finance Minister Samir Sharifov.
He was addressing a plenary session of Azerbaijan’s Parliament in Baku.
Sharifov noted that currently, important projects are being implemented for the purpose of reducing the Azerbaijani economy's dependence on oil.
“All this will ultimately allow us ensuring stability of the economy and neutralizing external shocks,” the minister added.
As of January 1, 2017, the volume of Azerbaijan’s external public debt was $6,913.2 million (12,241.3 million manats), which is 20.4 percent of the country’s GDP.
Bavaria, Azerbaijan have potential for increasing trade turnover
Trade turnover between Azerbaijan and Germany’s Bavaria reached about 1 billion euros in 2016, Franz Josef Pschierer, state secretary at the Bavarian Ministry of Economic Affairs and Media, Energy and Technology, said.
Pschierer made the remarks during the Azerbaijan-Bavaria business forum in Baku.
“Bavaria and Azerbaijan have a potential to further increase the trade turnover,” he said, adding that there are great opportunities for cooperation.
“Bavaria and Azerbaijan have friendly relations,” Pschierer said. “The meetings are regularly held. Bavarian businessmen are interested in cooperation with Azerbaijani entrepreneurs.”
Ilham Aliyev attends ceremony to launch “Jabrayil”, “Gubadli” ships
President of the Republic of Azerbaijan Ilham Aliyev has attended a ceremony to launch “Jabrayil” and “Gubadli” new supply ships of Azerbaijan Caspian Shipping CJSC fleet.
Ilham Aliyev meets participants of Subregional Statisticians Workshop and meeting of Council of CIS Statistical Services Heads
President of the Republic of Azerbaijan Ilham Aliyev has received a group of participants of the Baku-hosted Subregional Workshop on Data and Statistics for Sustainable Development Goals (SDGs) for High-Level Official Statisticians and the 57th meeting of the Council of Heads of Statistical Services of CIS member countries.