Economic Council reviews 2025 budget drafts and key financial issues

Today, under the leadership of the Chairman of the Economic Council and Prime Minister Ali Asadov, the institution held its next meeting to discuss drafts of the state budgets for 2025 and the subsequent three years, Azernews reports citing the Cabinet of Ministers.

According to a report referencing the Cabinet of Ministers, the meeting also covered various topics. These included the development trends of the world economy, the main assumptions used in budget forecasts, the current economic situation, and updated macroeconomic forecasts for 2024-2028. Additionally, discussions addressed target indicators for the budget rule parameters, the main budget policy directions for 2025-2028, and the financing of expenses related to the reconstruction and restoration of Garabagh and Eastern Zangezur, as well as the provision of the Great Return Program. The meeting also examined areas where the Medium-Term Expenditure Framework and the result-based budget mechanism are applied, the current situation and policy directions in macroeconomic and financial stability, and other relevant issues.

Reports were presented by Economy Minister Mikayil Jabbarov, Finance Minister Samir Sharifov, Chairman of the Central Bank of Azerbaijan Taleh Kazimov, and Minister of Labor and Social Protection of the Population Sahil Babayev.

At the end of the meeting, the opinions and suggestions of the Economic Council members were considered. Relevant tasks were assigned to appropriate institutions to submit all documents and information included in the 2025 budget envelope to the President of the country.