Ministry of Finance Released Information on Execution of State Budget

The Ministry of Finance announced timely information on execution of the state budget in the first half.

According to official data, the profitable part of the "people's piggy banks" amounted to 7 billion 807.2 million manat, expenses - 8 billion 577.9 million manat with a deficit of 770.7 million.

Income is primarily transfers from the State Oil Fund (3 billion 561.6 million or 45.6% of total revenues). SOFAZ is still the leader in the filling of the budget, while its share of allocation is below the level of the past 10 years. In addition, in the structure of budgetary revenues large income is from the Ministry of Taxes (3 billion 328.8 million manat), 68.3% or 2.275 billion which are revenues from non-oil sector. On account of the state customs committee is 765.3 million manat, other income amounts to 151.5 million manat.

In the structure of expenditures of the state budget 4 billion 423 200 000 manat is current spending on public sector wages, pensions and social benefits, utilities and communications, as well as landscaping. The remaining 3 billion 855.3 million is capital expenditure (social and infrastructure projects, the financing of special public procurement, fixed assets, equipment and installations).

In January-June 2015 the President of Azerbaijan signed a decree on the allocation of 74 million manat from the state budget to finance the arrangement in the regions, to support the agricultural sector, the construction of roads between the villages and other targets.

299.4 million manat or 3.5% of total expenditures was allocated to repay public debt and liabilities as well as interest on them.

The deficit is covered by last year's surplus.

Recall, the state budget revenues for this year were approved at the level of 19 billion 438 million manat, and expenses - 21 billion 100 million manat. The deficit is projected at 1 billion 662 million manat or 2.8% of GDP. --17D-