In 2024, the local budget revenues of the Nakhchivan Autonomous Republic of Azerbaijan exceeded 250 million manats (over $147 million), which allowed for the execution of more than 50% of budget expenditures, Hasan Ismayilov, the Finance Minister of Nakhchivan, said in his interview with Report.
"I consider the past year quite successful both in terms of socio-economic reforms carried out in the autonomous republic and the implemented financial policy. The share of subsidies allocated from the state budget in the execution of budget expenditures has been significantly reduced. This year, the share of local revenues will also be high, and we have taken this into account in the budget preparation. We consider the optimization of expenditures and increase in revenues of the autonomous republic as main priorities. Significant and commendable steps have been taken in this regard during the past period," Ismayilov noted.