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Azerbaijan’s Parliament Adopts 2016 Budget

The draft law on the state budget for 2016 was adopted by Azerbaijani parliament during the plenary meeting Oct.20.

Addressing the parliament meeting, Azerbaijan’s Finance Minister Samir Sharifov said that during the discussions on budget forecasts, it was proposed to allocate additional funds for resolving the problems of IDPs and refugees.

Thus, the expenditures for this purpose have been increased by 50 percent – 150 million Azerbaijani manats (the official exchange rate on Oct.20 is 1.0476 AZN/USD), said the minister.

Sharifov noted that the additional expenditures will be ensured with the transfers from the State Oil Fund of Azerbaijan.

Thus, the consolidated budget expenditures neared 19.957 billion manats, while the revenues of the consolidated budget for 2016 are forecasted to exceed 16.720 billion manats, said Sharifov.

The revenues of Azerbaijan’s state budget for 2016 are forecasted to reach 14.566 billion manats, or 25.2 percent of GDP, while the expenditures – 16.264 billion manats (28.2 percent), according to the finance minister.

The deficit of the 2016 budget is forecasted to stand at 1,698 million manats, or 2.9 percent of GDP [its volume is set at 57.7 billion manats].

In comparison with the expected indicator for 2015, the budget revenues will decline by 25.1 percent, and compared to the actual indicator of 2014 they will fall by 20.84 percent.

The state budget expenditures, as compared to 2015 [taking into account expectations], will fall by 22.9 percent, and compared to 2014 they will decline by 13.07 percent.

Budget indicators were formed taking into account the oil price of $50 per barrel and manat’s rate of 1.05 AZN/$1.

The parliament session also approved the ‘Law on the 2016 Budget of the State Social Protection Fund’ and the amendments to the ‘Law on State Duty’.

 

Via Trend