Tensions Expected with Execution of State Budget

2015 January 15 (Thursday) 14:27:34

The Ministry of Finance held an enlarged meeting of the Board on the results of 2014. For the first time in the 11 years of the current government the speakers talked about the importance of saving mode on inefficient and non-priority spending, as well as the adoption of tough measures against the waste of budget organizations, which indicates the intensity with the execution of the state budget in the face of declining stock prices of oil.

Regarding the overall performance, the Minister Samir Sharifov said that the last financial cycle was marked by a surplus of the consolidated budget at the level of 1.8 billion manat or 7.8% of the revenue.

"Revenues of the consolidated budget of Azerbaijan for 2014 were performed at the level of 104.9% and amounted to 23.1 billion manat at the costs of 21.3 billion manat or 87.2%, of the envisaged plans," he said. According to him, the state budget revenues amounted to 18.4 billion manat at the costs of 18.7 billion manat (deficit of 300 thousand).

Regarding the budget for this year, the minister said that the additional funds will come from the expansion of the tax base in the non-oil sector, expanding the areas that are subject to taxes and duties, and complete transfer of taxes and other revenues remaining from the previous years and provided for the next year. --17D-