Ziad Samedzade: in 2015 the rate of manat and financial stability remain

Next year Azerbaijan's GDP per capita will be 8,000 manats, while the share of non-oil sector will grow from 60% to 71%, said at a meeting Ziyad Samedzade, the head of the of parliament committee  of the Milli Mejlis for economic policy, introducing the draft state budget for 2015. He noted that next year will income  of population will low, but financial stability is preserved.

Tax collection and production in non-oil sector will increase, which also will affect the financial stability. Budget revenues will increase by  one billion manat. In 2015, 75% of the budget will be formed at the expense of taxation, that makes 7.1 billion manat, said Samedzade. He also called for the abandonment of the practice of release of the import tax. So, now 77-78% of imports are exempt from customs duties.

Samedzade reported that the decline in oil prices will lead to a reduction of the state revenue by two billion manat, but no social program will be reduced. On the contrary, growth of social programs in 2015is planned.

Azerbaijan's currency reserves makes $55 billion, said Samedzade, and noted the increase in the efficiency of the Labour Inspectorate,  and this year 3166 entrepreneurs  have been punished for violating labor laws. This is  by 23 times more than last year. "The increase in the number of labor contracts  allows to avoid the severe consequences of the shadow economy," he said.

"We must strive to increase skilled labor, the growth of professional education," said Samedzade.

According to him, the state budget  for 2015 provides for the support the stability of the manat. Next year's budget also assumes external debts, but they are within the limits that are accepted in developed countries, he added. -02D-