At today's plenary session of the Azerbaijani Parliament adopted a law on the state budget for last year.
He defended the government's position, Finance Minister Samir Sharifov. According to him, the state budget revenues were at 17 billion 282 million manats (+1 billion 581 million or +10.1% compared with the results of 2011). Execution of revenue was surpassed by 1.4%.
The Minister made a special emphasis on the social aspect of the main fiscal law of the country, which affected the stability of the payment of salaries to state employees, pensions, allowances and other payments. In general, the cost part, performed on 98.6% of the forecast, was 17 billion 417 million manats (2 billion 19 million manat or 13.1%).
Doing a breakdown of the budget, the minister said that the main cost spent 7 billion 926 million manats (45.5% of total expenditure) for current expenses - 53.3% (9 billion 278 million). Servicing the public debt took 213 million (1.2%) manats.
The budget deficit is against the cost was "minuscule" - 135 million against the AZN 638 mln projected by the government. -17D-
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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