According to the pessimistic scenario, budget cuts will continue in 2017. Compared to 2016, they will drop another 10%, or 1.6 billion manats, according to the government's budget package for the coming years.
This scenario is inscribed with the condition of conservation of world oil prices at $ 50.
In 2017, the government expects revenues of the state budget of 13.2 billion manats, and the expenses of 14.6 billion manats. Budget expenditures will decrease by 20% compared to 2011.
In 2016-2019, the government expects to maintain stable spending on education and health care, while the costs of culture, arts and sports will be reduced by an average of 30%.
During the October 13 discussions over the budget for 2016 in Parliament members of the government said that in the coming years, the growth of wages of public employees will continue.
However, experts analyzing the forward-looking indicators of the state budget for the coming years are questioning these statements, as 70% of the employees are financed from the state budget, which makes it almost impossible. --08D-
Economics
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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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Climate change poses a serious risk to global economic and financial stability, said Bo Li, Deputy Managing Director of the International Monetary Fund (IMF), at the event titled "Global Financial System: Scaling Up Climate Action Financing" held as part of COP29.
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Azerbaijan's banking sector has unveiled a comprehensive set of initiatives aimed at bolstering sustainable development, according to Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA). Nuriyev outlined the plans during the second panel of the "Global Financial System: Expanding Climate Finance" event.
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Azerbaijan remains steadfast in its commitment to developing a sustainable green economy, according to Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA). Speaking at the COP29 event on Thursday titled “Global Financial System: Scaling Up Finance for Climate Action,” Kazimov emphasized the country's strategic focus on green development as part of its broader socio-economic agenda for 2030.
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