The approach of directing part of state funds toward incentive mechanisms that stimulate private sector development, rather than directly financing specific projects, will continue, Assistant to the President of the Republic of Azerbaijan and Head of the Department of Economic Affairs and Innovative Development Policy of the Presidential Administration Shahmar Movsumov told journalists, APA-Economics reports.
Shahmar Movsumov noted that the government has established numerous incentive mechanisms in recent years, with the main aim of supporting the development of Azerbaijan’s non-oil sector.
According to him, part of the funds allocated by the state is planned to be directed not toward individual projects directly, but toward incentive mechanisms that promote the development of sectors as a whole.
Shahmar Movsumov added that state investments will also continue. Investments are planned in various areas, including infrastructure projects, the mining industry and agriculture.
The presidential assistant also said that the growth of the assets of the State Oil Fund is one of the positive factors demonstrating the resilience of Azerbaijan’s economy. At the same time, the use of oil revenues for budget purposes will continue.
“Even today, the state budget envisages a transfer of nearly $7 billion from the Oil Fund. This is quite a large amount,” Shahmar Movsumov noted.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
