BAKU, Azerbaijan, November 6. In 2027, the state budget is projected to receive a total of 872 million manat ($513.02 million) in net dividends from 48 state-owned enterprises, which is 45.4% more than the corresponding figure for 2026.
This was reported in the Ministry of Finance’s report for January–September 2026.
In addition, the report notes that as part of determining dividend obligations for 2027, an agreement was reached with 48 state-owned enterprises on the payment of dividends totaling 918 million manat ($540.08 million). Of this amount, 872 million manat ($513.02 million) represents net dividends, and 46 million manat ($27.06 million) represents dividend tax.
During the reporting period, several measures were also taken to monitor the activities of state-owned enterprises and analyze their financial indicators.
Consequently, to conduct digital monitoring of state-owned enterprises within the relevant subsystem created as part of the “Digital Public Finance” information system, an electronic portal was launched for 1,113 state-owned enterprises, and the acceptance of reports began.
In addition, a Registry for Monitoring State-Owned Enterprises has been established. A comprehensive database has been created based on the reports submitted by the 1,153 enterprises included in the registry.
Furthermore, in accordance with Decree No. 675 of the President of the Republic of Azerbaijan dated May 26, 2026, the Ministry of Finance has been represented on the supervisory boards of approximately 40 state-owned enterprises. During the reporting period, more than 100 meetings of these supervisory boards were held, and opinions were issued on more than 200 issues.
Measures were also taken to assess the financial condition of state-owned enterprises and identify fiscal risks. Specifically, in accordance with Decree No. 570 of the President of the Republic of Azerbaijan dated December 30, 2025, the financial indicators of 32 state-owned enterprises for the years 2023–2025 were monitored. Fiscal risk indicators were assessed, fiscal risk ratings were determined, and a report on the results was submitted to the President.
In addition, to assess the financial condition of state-owned enterprises by sector and risk level in accordance with international practice, guidelines (specifications) were developed covering fiscal risk ratings, thresholds for financial ratios, and the mathematical and methodological rationale for these thresholds.
The report states that an accounting database was created for budget revenues (dividends) and budget expenditures (investments, subsidies, debt obligations, etc.) related to state-owned enterprises for the years 2020–2026, and the fiscal balance was calculated on an annual basis.
At the same time, draft budget forecasts and financial indicators for 35 state-owned enterprises for the upcoming fiscal year and the following three years were analyzed, and the corresponding reports were prepared and submitted to these enterprises.
In addition, the Board adopted a resolution approving the forms of information and reports to be submitted to the Ministry of Finance by state-owned legal entities in which the state holds a controlling stake (share), as well as by public legal entities established on behalf of the state.
Thus, the measures being taken are aimed at strengthening control over the financial activities of state-owned enterprises, assessing fiscal risks, and increasing dividend revenues to the state budget.
