Milli Majlis Approves Draft Budget 2015

On November 28 Milli Majlis adopted the state budget for 2015.

Budget revenues in 2015 are projected at 19 438 000 000 manat, which is 5.7% more than this year. Transfers from the State Oil Fund will be 10 billion 388 million manat.

The budget expenditures will amount to 21.1 billion manat, or 5.1% more than in 2014.

The budget deficit will be 2.8% of GDP.

According to Finance Minister Samir Sharifov, the budget "will retain a social orientation." The share of these expenses will be 27.6%.

The costs will increase as follows: general state costs – by AZN 2 billion 46.5 million, defense – by AZN 1 billion 778.5 million, education – by AZN 1 billion 711,200,000, social protection and social security – by AZN 2 billion 40.5 million, health – by 777.7 million manat.

At the same time, the state budget will save the investment focus. In general, the capital expenditure of the budget will amount to 44.4% of the total budget expenditures.

The draft budget was made assuming oil prices of $ 90 per barrel. -06D-