Samir Sharifov on Execution of State Budget in January-June

In the first half of 2015 Azerbaijan's state budget was executed with a deficit (771 million manats or 9% of budget expenditure). This was said at a Cabinet meeting on socio-economic development of the country during the reporting period by the Minister of Finance Samir Sharifov. According to the minister, the budget deficit is covered by a single treasury account, on which funds have been accumulated in connection with last year's surplus.

According to official statistics, the total state budget revenues in January-July were at 7 billion 807 million manats and the expenses were 8 billion 578 million manats.

The income primarily came from transfers from the State Oil Fund (3 billion 562 million, or 45.63% of total revenues). SOFAZ is still the leader in the filling of the budget, while its share of allocations is below the level of the past 10 years. In addition, in the structure of budgetary revenues there is a large income from the Ministry of Taxes (3 billion 329 million manats) and from the State Customs Committee - 765 million manats. Other income amounted to 152 million manats.

In the structure of budget expenditures investment projects lead traditionally - 3 billion 102 million manats, or 36.16%, while social expenditures amounted to 2 billion 25 million manats (23.6%).

According to him, in January-June 2015 the President of Azerbaijan signed a decree on the allocation of 74 million manats from the state budget to finance the arrangement in the regions, to support the agricultural sector, for construction of roads between villages, and etc.

Recall, the state budget revenues for this year were approved at the level of 19 billion 438 million manats and the expenses - 21 billion 100 million manats. The deficit is projected at 1 billion 662 million manats or 2.8% of GDP. --17D-