Parliament Approved 2016 State Budget

Azerbaijani Parliament approved the state budget for 2016. According to the document, budget revenues for 2016 are projected at 14.566 billion manats, which amount to 25.2% of GDP (its volume is forecasted in the amount of 57.7 billion manats).

Budget expenditures will amount to 16.264 billion manats, or 28.2% in relation to GDP.

The budget deficit for 2016 is forecast at 1,698 million manats or 2.9% of GDP.

In comparison with the expected rate in 2015, budget revenues will decline by 25.1%, and the actual indicator of 2014 will be reduced by 20.84%.

State budget expenditures, compared to 2015, will reduce by 22.9%, and compared to 2014 - by 13.07%.

The final version of the state budget has increased provision for internally displaced persons by 50% (150 million manats).

As the Minister of Finance Samir Sharifov said, the additional costs for these purposes will be provided at the expense of transfers from the State Oil Fund.

The budget figures were compiled based on oil prices of 50 dollars per barrel and the exchange rate at the level of AZN 1.05 to the US dollar.

The Parliament also approved the budget of the State Social Protection Fund for 2016. -06D--