Today the deputies of the Parliament of Azerbaijan listened to the draft budget for 2013 by the Chairman of the State Social Protection Fund Salim Muslimov.
According to him, the total revenue and expenditure structure is expected to reach 2 billion 632 million 695 thousand manats. The non-deficit budget will be provided by 1.55 billion manat on obligatory state social insurance, 539.19 million revenues from budgetary organizations, 73 million 526.2 thousand manats from employees of public organizations, and 77.44 mln AZN of budgetary allocations and subsidies. Transfers from the state budget are expected to reach 1.08 billion manat.
The costs will consist of the following items. Payment of the basic part of labor pensions will make up 1 billion 358.48 million manat, and the insurance part - 1 billion 141.81 million manat. Compulsory state social benefits will total 69.98 million manat, including 18 million manat for disability, 22 million AZN for childbirth of the poor, 4.5 million AZN for newly born babies, 8 million AZN for the care of children under 3 years of age, 12.67 million for funeral services, and 4.81 million AZN for the dole. For banking services it is planned to allocate 20 million manat. - 17D -
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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