The Parliament adopted the law on the State Budget-2024 in the third reading

The Milli Majlis, Azerbaijan's Parliament, has officially endorsed the draft law outlining the "state budget of the Republic of Azerbaijan for 2024" in its third reading, disclosing key fiscal parameters that underscore the nation's financial trajectory.

According to the approved project, the projected revenues for the state budget in 2024 are estimated at 34 billion 173 million Manats, with expenditures reaching 36 billion 763 million Manats. These figures represent a marginal increase of 0.8% in revenues and 0.4% in expenditures compared to the approved forecasts for 2023. In the current fiscal year, revenues stood at 33 billion 890.5 million Manats, while expenditures reached 36 billion 624.8 million Manats.

Notably, the budget for 2024 anticipates a deficit of 2,590 million Manats, reflecting a 5.3% year-on-year reduction. This strategic fiscal approach aligns with the government's commitment to financial prudence and responsible economic management.

Tahir Mirkishili, Chairman of the Committee on Economic Policy, Industry, and Entrepreneurship, provided insights into the primary focus areas of the budget project. Key priorities include financing the Great Return Program, enhancing the country's defense capabilities and national security, intensifying efforts in border restoration and protection, and activating the "socio-economic development strategy of the Republic of Azerbaijan in 2022-2026."

Mirkishili's remarks underscore the government's strategic allocation of resources to critical areas, emphasizing the commitment to programs fostering economic growth and addressing societal needs. The budget's emphasis on defense and border protection aligns with Azerbaijan's broader objectives of safeguarding national security and territorial integrity.