Preliminary forecast of the state budget of Azerbaijan for 2017 is announced
The Ministry of Finance published the preliminary forecast of Azerbaijan's state budget for next year. The revenue part will be 15 billion 955 million manat ; expenditures - 16.6 billion manat at the alleged deficiency in 645 million manats. Traditionally, the largest share in the State Oil Fund (6.1 billion manat or 38.23%), which, however, will not prevent the country's president in May and June 2017 to issue a decree on the allocation of additional funds of this framework for the implementation of various projects. The Ministry of Taxes, presumably, will transfer to the treasury as a VAT four billion, and a tax on corporate income of 2 billion 68 million, the tax on individuals -... 1.14 billion, with excisable goods - 638 million, the simplified tax - 313 million manat. State Customs Committee are listed as VAT on imports 1 billion 639 million. The expenditure part of the budget is as follows: the general state needs - 2 billion 997.7 million manat, to pay the national debt and the payment of liabilities - 1 billion 768 800 000, on the total defense spending - a little over 3.1 billion, the judiciary, prosecutors and law enforcement agencies - 1 billion 233.47 million, education - 1 billion 859.5 million, health care - 775 790 000; on social security, including pensions and benefits - 2 billion 117.72 million manat --17D-..
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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