Milli Majlis Approves State Budget for 2015

Azerbaijani MPs at today's plenary session approved the state budget for 2015.

The final version of the text of the profitable part of the bill was at the level of 17 billion 498 million AZN (90% of the forecast and 4.9% less than in 2014). The expenditure part was at the level of 17 billion 784.5 million AZN (84.3%) with a deficit of 286.5 million manats or 0.5% of GDP.

On the revenue side the lead belongs to transfers from the State Oil Fund (SOFAZ) - 46.5% or 8 billion 130 million manats. The Ministry of Taxes transferred 40.7% of 7 billion 118.3 million AZN, and the State Customs Committee transferred 9.1% or 1 billion 591.9 million AZN. Other income came from other spheres, including contributions from the budgetary organizations.

The expenditure part includes current costs (54.9%, or 9 billion 763.1 million manat), which is the leading item. Capital expenditure is 41.1%, or 7 billion 316.9 million manats, and debt service is 4% or 704.5 million AZN.

Social expenditure (5.67 billion AZN) was distributed as follows: 3 billion 324.3 million AZN was spent on the salaries of state employees, and 1 billion 822.9 million AZN - on pensions and benefits.

The single treasury account of the Ministry of Finance by January 1 accumulated balance of $ 1 billion 433.9 million AZN, which can be used to cover the current budget deficit and external debt service.   --17D-