Parliament hears government's annual report

During 2006, more than 50,000 families received targeted social assistance benefits, mortgage lending process started, Azeri manat denomination was completed, and Nakhchivan AR was supplied with gas, he noted.

The state budget expenditures rose 77% to AZN 2.8bln, defense spending was AZN 640mln, 2.2 times from a year earlier.

Rasizade added that the necessary financial resources were allocated for strengthening of the state borders and improvement of the stock asset base.

The report also underscores the fast growth of the government capital investments.

The investment expenditures jumped 5.4 times to AZN 700mln. Credit organizations lent 65% more loans and long-term loans increased by 2.9 times. The currency reserves beat $4bn, exceeding the amount of foreign debts by 86%. Industrial production grew 30.6%, including 14.9% growth in chemical industry, 18.7% in engineering, 9.1% in metallurgy, 6.9% in electricity generation, and 22.5% in other sectors of industry. Agricultural growth was 0.9% despite unfavorable weather, the report reads. APA-Economics