President Approves Law of Azerbaijan On Execution of State Budget for 2015

The law of Azerbaijan "On the execution of the state budget for the year 2015" has been approved. According to the report on the official website of the President, the profitable part was 17 billion 498 million AZN. The expenditure was at the level of 17 billion 784.5 million AZN (the deficit was 286.5 million AZN or 0.5% of GDP).

The bulk of the revenues, according to the current alarming tradition, took place at the transfers from the State Oil Fund (8 billion 130 million). The tax authorities transferred 7 billion 118.3 million AZN, and the State Customs Committee transferred 1 billion 591.9 million AZN, etc.

The bulk of budget spending (9 billion 763.1 million AZN) regarded the so-called current expenditure, including public sector wages and other social needs of 5 billion 665.9 million AZN. Capital expenditures, including investment projects, were at the level of 7 billion 316.9 million AZN, and public debt service absorbed 704.5 million AZN.

The balance on the single treasury account of the Ministry of Finance by January 1 was 1 billion 433.9 million AZN, which can be sent as part of the legislation to cover the budget deficit, as well as for servicing the external public debt. --17D-