Details added (first version posted at 11:58)
Baku, Azerbaijan, Sept. 26
By Anvar Mammadov - Trend:
Oil price has been set at $40 per barrel in Azerbaijan’s draft 2017 state budget, Samir Sharifov, the country’s finance minister, told reporters in Baku Sept. 26.
The minister said that the state budget expenses will be reduced in 2017.
"We must bring our expenses in line with our revenues,” he said. “As our revenues greatly decreased, the policy will be also tightened regarding the expenses.”
“The priority will be given to the necessary expenses,” he added. “The measures will be taken to optimize and reduce expenses."
He said that all foreign obligations of Azerbaijan will be completely fulfilled.
"This refers to the country’s foreign debt and obligations on membership fees in different international organizations," Sharifov said.
The minister said that the detailed information on revenue and expenditure sides of the budget will be disclosed during the week.
In the corrected 2016 state budget, revenues are projected at 16.822 billion manats, and expenditures at 18.495 billion manats, while the deficit is projected at 1.673 billion manats.
Transfers by the State Oil Fund (SOFAZ) to the 2016 state budget are projected at 7.615 billion manats.
Forecasts for 2016 were adjusted considering the oil price of $25 per barrel.
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