Baku, Azerbaijan, Oct. 7
By Azad Hasanli - Trend:
Deficit of Azerbaijani state budget doesn't exceed the norms accepted in international practice, Azerbaijani Minister of Finance Samir Sharifov said Oct.7.
He made the remarks during discussion of the draft state budget for 2016 and the next three years at a joint session of parliamentary committees on science and education, legal policy and state structure, regional issues, culture, human rights, international affairs and interparliamentary relations.
"The deficit of the state budget of Azerbaijan is a little less than 3 percent of GDP, which is normal in international practice," he said. "For example, the EU has a 3 percent deficit, and it is a certain limit which they try not to exceed."
The government tries to keep the deficit at a low level, according to the minister.
"We have the opportunity to cover the budget deficit, mainly through loans borrowed from abroad," said Sharifov. "In addition, the deficit can be covered by the proceeds from the placement of bonds and incomes from privatization of state property."
Revenues of the state budget of Azerbaijan for 2016 are projected at 14.566 billion manats, while expenses are expected to reach 16.264 billion manats (28.2 percent).
The budget deficit for 2016 is forecasted at 1.698 billion manats or 2.9 percent of GDP [its volume is set at 57.7 billion manats].
Edited by CN