Ministry of Finance issued draft of state budget-2015

The Ministry of Finance of Azerbaijan has published on the official website the draft state and consolidated budgets for 2015.

Revenues of the state budget of Azerbaijan for 2015 are projected at 19.438 billion manat, which compared with the forecast for 2014 is 1.054 billion manat or 5.7% more. The costs will be 21.1 billion manat or 1,037,000,000 manat (5.2%) more than in the draft budget 2014. Relative to GDP, the revenues will be 35.5% of GDP, while the expenditures will be 35.3%.

Like last year, the revenues will be represented mainly by the income of the State Oil Fund – 10,388,000,000 manat. The rest will be filled by the Ministry of Taxes – 7,112,000,000 manat, the State Customs Committee - 1.59 billion manat, extra-budgetary revenue budget organizations - 300 million manat, other income - 41 million manat, and the State Committee on Property - 7 million manat.

In general, revenue of the non-oil sector is planned to grow by 8.1%. The share of the oil sector in the total revenues is projected to decrease to 65.3%.

The state budget deficit is projected at 1% less than in 2014. In 2015, it is predicted within 1.662 billion manat and will be repaid by the placement of securities, divestiture of state ownership, etc.

According to the forecast, public investment will grow by 10.7% and amount to 6.93 billion manat.

State expenses will make 2 billion 046,500,000 manat (+2.5%). Social protection and social security will amount to 2 billion 040,500,000 manat (- 1.5%), defense - 1 billion 778,500,000 manat (+ 8.6%), education - 1 billion 711 2 million manat (+3.5%), activities of the courts, police and prosecutors - 1 billion 227,100,000 manat (- 1.1%), health care - 777.7 million. manat (+7.2 %), housing and utilities - 443 800 000 manat (- 2.9%), culture, art, information, physical education, and other areas - 347 700 000 manat (+11.7%), science – 142.5 million manat (- 3%), etc. The cost of servicing the external public debt will amount to 703 million manat.

Consolidated budget revenues compared to the year 2014 will be reduced by 5.8% or 1 billion 269,100,000 manat and make up 20 billion 716,800,000 manat. The costs will rise by 6% or 1 billion 467,100,000 AZN and make 25,911,000,000 manat.

The expenditure of the budget of the State Social Protection Fund will amount to 3 billion 56.3 million manat. Compared with the year 2014, it will grow by 4.4% or 127,800,000 manat.

The State Oil Fund expenditures will increase by 1 billion 13 million manat and make up 12 billion 304,800,000 manat. This is a 9% increase over the current year.

The consolidated budget deficit in 2015 is projected at 5 billion 194,100,000 manat. The share of the deficit in GDP is 8.7%.

Budget revenues are formed on the base price of oil - $ 90 per barrel.

The revenues of the state budget for 2014 are approved at the level of 18 384 million manat, and the expenses are 20,063,000,000 manat. According to the Law "On the State Budget for 2014," the state budget deficit will be 1 679 million manat, while the consolidated budget (excluding transfers from the State Oil Fund of the Republic of Azerbaijan) will be 14 084 900 000 manat. -0