Azerbaijan dating ru


15-Jan-2020 09:15

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When oil prices are high, large cash surpluses can be invested in foreign assets or spent on imports of goods and services; when commodity prices tumble, oil exporters move the money back home to smooth out foreign exchange losses and cover domestic capital needs.The only way in which Azerbaijan’s “recycling” differs from that of the Gulf States is that Azerbaijan seems to have recycled most of its oil earnings at home rather than into global financial markets.(PONARS Policy Memo)The oil price shock that began in mid-2014 has continued to reverberate in Azerbaijan, sending the economy into deep recession and negative real GDP growth rate (-2.4 percent in 2016).Declining volumes of oil production, which peaked at 1 million barrels a day (b/d) in 2010, and impending depletion of petroleum reserves over the next 15-20 years, alerted the government of the need to boost the non-oil sectors of the economy. The former is when externally generated oil surpluses are “sunk” into local real estate and infrastructural development projects, which then discourages movement of capital into non-oil sectors.A smaller number of private sector entrepreneurs are often linked to the political elites, are dependent on state support, and do not possess the independent power base necessary to advocate for reform.

Intended as a savings and stabilization fund, this sovereign wealth fund has so far been able to set aside some billion, or 28% of these total assets as strategic reserves, with the rest being injected into the national economy.

According to official statistics, the share of agriculture in the GDP fell from 16 percent in 2000 to 9 percent in 2005 and to 6.2 percent in 2015 while the share of non-tradeable construction almost doubled from 6.5 percent in 2000 to 12 percent in 2015.

Light industry (textiles, processing of foodstuffs) suffered as well due to outdated equipment and insufficient investment.

Up to 35 percent of the annual state budget during the oil boom years was allocated to infrastructure and construction projects.

A circle of local construction firms, subcontractors, banks, and offshore shell companies linked to powerful figures from within the elite network serves as the main channel of petrodollar recycling.

Azerbaijan’s SOFAZ was another channel to recycle petrodollars through both budget transfers and the acquisition of foreign capital assets.



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