Operational Finance Ministry Report on Execution of State Budget

The Ministry of Finance published a report on the operational performance of the Azerbaijani state budget in the 1st quarter of this year.

By April 1, income, according to the main financial document amounted to 3 billion 678.1 million manat (+ 103% of the forecast), expenses were 2 billion 623.5 million manat (73.3%).

By tradition, the main burden of the revenue (1 billion 660 million AZN) fell on the budget transfers of the State Oil Fund (SOFAZ). This is followed by the Ministry of Taxes, through which revenues were at the level of 1 billion 542 million manat, the State Customs Committee transferred to the budget 416.9 million manat (+ 14.8%), and other state bodies transferred 47.5 million AZN. There are also other items (11.7 million).

The share of social spending (payroll, deductions for pensions and allowances, purchase of medicines and so forth) was at 54.4%, or in absolute terms 1 billion 426.7 million AZN. State capital investments in construction and renovation of various infrastructure projects amounted to 153.4 million, in the construction and reconstruction of social facilities - 16 million manat, in the objects in the Nakhchivan autonomy - 4.8 million manat.

Thus, there is a budget surplus of 1 billion 54.6 million AZN, but practice shows that since the third quarter surplus is replaced by a deficit - as the budget implementation.

Recall, according to the President of Azerbaijan approved state budget for this year, its revenues are expected to reach 16 billion 822 million AZN at a cost of 18 billion 495 million manat with a deficit of 1 billion 673 million manat or 2.9% of GDP. --17D-