Ministry of Finance Expects Budget Deficit

The price of oil in the state budget for next year is at the level of $ 50 per barrel, the official website of the Ministry of Finance reported on the draft state and consolidated budgets.

The revenues are projected at $ 14 billion 566 million manats (minus 25.1% this year) and the costs - at 16 billion 264 million manats (minus 22.9%) with a deficit of 1 billion 698 million manats.

For the first time the leader in revenue, according to expectations, will be the Ministry of Taxes - 6.6 billion manats (minus 7.2%), the State Oil Fund of Azerbaijan will contribute 6 billion manats (- 42.2%), and the State Customs Committee - 1.59 billion manats (the same). In comparison with the projected figures for 2016, revenues from the non-oil sector will account for 46.5% of the total revenues of the state budget (+11.8%).

Public investment, though reduced by 48.7%, is still a leader in costs - they are planned at the level of 3 billion 554.8 million manats. State expenditures amount to 2 billion 416.9 million manats (+ 18.1%). Expenditure on social protection and social security is projected at 1 billion 896.6 million manats (- 7.1%), defense - 1 billion 837.8 million manats (+ 3.3%), education - 1 billion 713.5 million manats (+0.1%), the activities of courts, law enforcement agencies and the prosecutor's offices - 1 billion 138.8 million manats (minus 7.2%). Health care will be allocated 744.9 million manats (minus 4.2%), housing and utilities - 416.8 million manats (- 6.1%), culture, art, information, physical education and other humanitarian purposes - 652.7 million manats (an increase of 1.9 times), and science - 131.7 million manats (minus 12.5%).

Revenues of the consolidated budget are projected at 16 billion 720.1 million manats, expenses - 19 billion 906.5 million manats with a deficit of 3 billion 186.4 million manats. --17D-