The Ministry of Finance through the State Statistics Committee released operational data on the execution of the state budget in H1, 2016, according to which the deficit amounted to 687.7 million AZN, which corresponds to 2.5% of GDP.
State budget revenues for January-June amounted to 6 billion 133.8 million manats, while expenses were 6 billion 821.5 million manats... Expenditures exceeded revenues by 11.2%.
Relatively detailed information is provided on the execution of the state budget for five months. At the same time at a cost of about 5.3 billion manats, the surplus amounted to 137.7 million manats.
Revenues of the state budget in January-May 2016 amounted to 5.4 billion manats, or 15% less than in the period in 2015. Expenditures for the period decreased 27.5% (2 billion 15 million AZN).
According to the report, in contrast to the two areas, health financing decreased (-35.8 million AZN) as well as government investment (-2 billion 885.2 million manat), etc.
Mainly due to the financing of the automobile race Formula 1, costs of sport, culture and art increased 3.6 times - 344.6 million manats. ----08B
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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