During quarter 1, 2016 oil and gas proceeds totaled 1,991,300,000 AZN or 54.14% of revenues of the Azerbaijan state budget. When the oil price was between $100 and $110 per barrel, this index constituted about 72-73%.
From January to March 2016 revenues of Azerbaijan state budget totaled 3,678,100,000 AZN (the forecast overfullfilled by 3%), while expenses – 2,623,500,000 AZN (73.3% of forecast fulfilled), reported Turan quoting Azerbaijan Finance Ministry.
Transfers from the Azerbaijan State Oil Fund totaled 1,660,000,000 AZN. The Oil Fund’s resources constituted 45.1% in the revenues of the state budget.
The Taxes Ministry transferred 1,542,000,000 AZN (forecast overfulfilled by 1.4%) to the state budget and 331.3 million AZN was transferred from the oil industry. 416.9 million AZN was transferred to the budget from the State Customs Committee and the remaining is other revenues.
* In 2016 the Azerbaijan state budget revenues are forecast to total 16,822,000,000 AZN, while expenses – 18,495,000,000 AZN, the budget deficit – 1,673,000,000 AZN or 2.9% of GDP. The state budget is based on an average oil price of $25.00 per barrel.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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