Samir Sharifov advised to tighten belts

Against the backdrop of the financial crisis provoked by the government, the  government  is  trying to prepare a balanced budget of revenues and expenditures of the state budget, which will provide a strict regime of economy in 2016 and the next three years, said in his speech at a meeting of the Cabinet of Ministers on the results of socioeconomic development in 2015 and the upcoming challenges, Finance Minister Samir Sharifov. He also  focused on the strengthening financial discipline and order for the economical use of public resources, prevent waste and unnecessary costs. In addition, it is important to improve the state management system, implement reforms in the management of state-owned companies, giving an additional boost to the process of privatization of state property. Against the background of the devaluation, he also spoke about the  significant consolidation of the banking system and increase confidence in the sector, although dollarization and capital flight from the country indicate undermining  former confidence.

In addition, the Minister spoke of the continuing decline in oil prices, the Central Bank of Azerbaijan Republic on the transition to the new policy of the manat, which is fraught with budget cuts predictions for this year; as we;; as saving foreign exchange reserves, measures to neutralize the final impoverishment of the poor by increasing the prices  for essential commodities. --17D-