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RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of December 30, 2016 No. 534

About profit and loss budgets of large state-owned companies

For the purpose of ensuring fiscal stability in financial and economic activities of large state-owned companies, strengthenings of control of forecasting and execution of the income and expenses, and also enhancement of management in this sphere and increases in transparency, the Cabinet of Ministers of the Azerbaijan Republic decides:

1. Approve "The list of large state-owned companies on which it is necessary to prepare, approve the profit and loss budget and to carry out execution monitoring" (appendix No. 1).

2. Approve "Procedure for creation of the profit and loss budget of large state-owned companies" (appendix No. 2).

3. Approve "Procedure for carrying out monitoring of execution of profit and loss budgets of large state-owned companies" (appendix No. 3).

4. Create the commission on consideration and approval of profit and loss budgets of the large state-owned companies listed in the list approved by part of 1 this resolution in the following structure:

Commission chairman

Yagub Eyubov is the First Deputy Prime Minister of the Azerbaijan Republic

Members of the commission:

Shakhin Mustafayev is the Minister of Economic Affairs of the Azerbaijan Republic

Samir Sharifov is the Minister of Finance of the Azerbaijan Republic

Fazil Mamedov is the minister of taxes of the Azerbaijan Republic

Elman Rustamov is the chairman of the Central Bank of the Azerbaijan Republic

Rufat Aslanly is the chairman of the board of directors of Chamber on control of the financial markets of the Azerbaijan Republic.

5. For the purpose of the organization of the current work of the Commission to create the Secretariat of the Commission and to charge implementation of functions of the Secretariat to the Ministry of Finance of the Azerbaijan Republic.

6. Determine that:

6.1. large state-owned companies represent to the Secretariat of the Commission initial drafts of profit and loss budgets the next year till July 1 annually;

6.2. The commission performs discussion and assessment of introduced drafts and in case of need makes the relevant amendments, returns the specified projects to large state-owned companies till September 15 annually;

6.3. large state-owned companies, considering the conclusion of the Commission, make amendments to the draft of the profit and loss budget and represent the project to the Secretariat of the Commission till September 25;

6.4. The commission approves profit and loss budgets of large state-owned companies till November 1 annually;

6.5. large state-owned companies submit in the Commission reports on quarter execution of the approved profit and loss budgets within 30 days after quarter, and the report on annual execution till April 1 annually;

6.6. The commission in six-months time carries out the analysis, assessment and monitoring of the reports on annual execution of profit and loss budgets submitted according to Item 6.5 of this resolution and, having prepared the certificate of it, represents to the President of the Azerbaijan Republic;

6.7. after approval of profit and loss budgets changes in coordination with the Commission can be made to the income and expenses of large state-owned companies.

Prime Minister of the Azerbaijan Republic
Artur Rasi-Zade

Appendix No. 1

Approved by the Resolution of the Cabinet of Ministers of the Azerbaijan Republic of December 30, 2016 No. 534

The list of large state-owned companies on which it is necessary to prepare, approve the profit and loss budget and to carry out execution monitoring

1. State Oil Company of Azerbaijan Republic.

2. Azerenerzhi open joint stock company.

3. Azerbaijan Hava Yollary private company.

4. Azerbaijani Railroads private company.

5. Azersu open joint stock company.

6. Azerishig open joint stock company.

7. Azerbaijani Caspian Shipping Company private company

8. Baku Subway private company.

9. "Melioration and Water Economy of Azerbaijan" open joint stock company.

10. "Baku International Sea Trade Port" private company.

11. Subordinated organizations Ministries of Communications and Information Technologies of the Azerbaijan Republic (Azerkosmos open joint stock company, Aztelekom Limited liability company, Azerpocht Limited liability company and Baku Telephone Communication Production association.

Appendix No. 2

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