The base price of oil in the state budget of Azerbaijan in the range of $ 80 to $ 90

The base price of oil, the proceeds of which form the basis of the economy of Azerbaijan, in the state budget for 2015 will range from $ 80 to $ 90 per barrel.

There is still no official data on the planned price and the government’s decision does not leak to the press, but last year when the bill on the state budget of Azerbaijan for 2014 was in Parliament, Deputy Minister of Economy and Industry Sevinj Hasanova said that for 2015-2017 the planned base price is $ 80. However, according to unofficial information received by the agency Turan, the government will do the same as Russia, where the base price is planned in the range of $ 87 - $ 90.

The state budget and consolidated budget, which are accompanied by the state program of socio-economic development for 2015-2017 years, have already been approved by the Ministry of Finance and the Cabinet of Ministers and are waiting final approval from the president of the republic.

The exact amount of the revenue side of the budget is not clear yet, however, the Tax Ministry predicts growth of 5%, with 6% growth of GDP. Total revenues of the state budget will have to reach 30% of GDP - 62.9 billion manat ($ 80.4 billion.).

In an environment of falling oil revenues the collection of taxes will be optimized by the introduction of tighter controls over the financial discipline of business entities. The government expects to increase growth (contribution) of non-oil sector to 9%. It should be noted that in 2014 the growth of non-oil sector was planned at the level of 10%, but in the first eight months it was 6.3%.

The revenues of the state budget for 2014 have been approved at the level of 18 384 million manat, and the expenses – as 20 063 000 000 manat.

According to the Law "On the State Budget for 2014," the state budget deficit will be 1 679 million manats, while the consolidated budget (excluding transfers from the State Oil Fund of the Republic of Azerbaijan) - 14 084 900 000 manat.-0

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