Parliament Adopts in First Reading Amendments to Azerbaijan's State Budget for 2020

Baku / 05.08.20 / Turan: The Parliament of Azerbaijan adopted in the first reading changes to the state budget for 2020.

As a result of the changes, the state budget revenues were approved at the level of 24 billion 124 million manats (less by 0.1% compared to the previously approved state budget), and expenditures will amount to 27 billion 492 million manats (an increase of 2.2%).

The price for one barrel of oil in the state budget has been changed from $ 55 to $ 35.

Transfers to the state budget from the State Oil Fund for 2020 are planned to be increased to 12 billion 200 million manats (an increase of 7.5% compared to the approved figure).

Expenditures on health care are planned to increase to 1 billion 716 million 600 thousand manats (an increase of 25.4%), funds from the President's Reserve Fund - by 60% - to 480 million manats, expenses on economic and other reforms - by 18% - up to 1 billion 231.08 million manats.

After changes in the state budget in connection with COVID-19, an additional 369 million manats will be allocated to the health sector, 238 million manats to social protection of the population, 136.6 million manats to support state-owned companies, and 100 million manats to support business.

As a result of the changes, the state budget deficit for 2020 will increase to 3 billion 368.2 million manats or 4.9% of GDP against 2 billion 760.2 million manats previously approved.

 The decline in Azerbaijan's GDP for 2020 is projected at 5%. –71D-