Recommended to Adopt New Version of State Budget (UPDATED)

The Milli Majlis is continuing discussion of amendments to the revenue and expenditure of the state budget of Azerbaijan for 2016.

According to Finance Minister Samir Sharifov, new calculations will save the State Oil Fund (SOFAZ) $ 1 billion, or 1 billion 615 million manats (26.9% of the originally approved budget).

Recall the transfers from SOFAZ to the state budget planned due to the changes should amount to 7 billion 615 million manats (45.3% of all the main piggy of the national welfare).

According to the chairman of the Accounting Chamber Vugar Gulmammadov, in order to achieve lower deficit (the superiority of the expenditure side against the income) of the state budget on the basis of 2016, the potential opportunities of the revenues should be used. These include, in particular, the improvement of tax and customs administration, as well as strengthening financial control with the use of budgetary expenditure.

Presumably, the budget deficit should amount to 1 billion 673 million manats (in the approved version - 1 billion 698 million manats).

In accordance with the reaction of MPs, the draft law will be adopted, and the speakers also recommended the adoption of a new version of the state budget.

It is proposed to bring the revenue part to 16 billion 822 million manats, and the expenditures - to 18 billion 495 million manats. --17D-

2016 February 23 (Tuesday) 11:45:28

Milli Majlis at today's plenary session will consider the bill on changes to the state budget 2016, as well as in the State Social Protection Fund (SSPF) budget.

The need for this step was affected by the macroeconomic indicators - the base price of oil in the revenue part of the budget approved by the Head of State was laid at the level of $ 50 per barrel, however, the government is forced to reduce the rate twice – to $25 due to the drop in the stock prices.

The increase will touch both the expenditure (+ 13.7%) and the revenue (+ 15.5%) parts of the budget. Recall, according to the draft amendments to the state budget, submitted to Milli Majlis, the state budget revenues are projected at 16 billion 822 million, and the expenses - at 18 billion 495 million manats with a deficit of 1 billion 673 million manats.

In addition, the MPs will make changes in the law "On regulation of currency" and will also adopt the law "On science" in the second reading. --17D-