Accounting Chamber Comments on Changes in State Budget

On the day before the board meeting of the Accounting Chamber of Azerbaijan discussed the bill on amendments to the state budget for 2016 and the budget of the State Social Protection Fund (SSPF). Both documents have undergone a significant correction - the ACA website reported.

The need for this step stemmed from the macroeconomic indicators - the base price of oil in the revenue part of the budget approved by the Head of State was laid at the level of $ 50 per barrel. However, the drop in stock prices forces the government to reduce the rate twice to $ 25.

It is noteworthy that during the discussion the board members talked about improving not only the expenditure (+ 13.7%), but also revenues (+ 15.5%) of the budget. Recall, according to the draft amendments to the state budget, submitted to Milli Majlis, the state budget revenues are projected at 16 billion 822 million AZN and the expenses - at 18 billion 495 million AZN with a deficit of 1 billion 673 million AZN.

Due to what is it planned to increase? Basically, due to transfers from the State Oil Fund (SOFAZ - the increase will be 26.9%, or 1 billion 615 million manats to 7 billion 615 million manats). That is, the weight of this indicator in the revenue part of the budget will be in accordance with expectations, 45.3%. The share of the Ministry of Taxes will grow by 6.2% to 7.01 billion manats, the State Customs Committee – by 13.8% to 1.81 billion manats. There are also other revenues (+ 18% or 13 million to 75 million manats). --17D-