Azerbaijan reduces volume of transfers from State Oil Fund

Photo: Azerbaijan reduces volume of transfers from State Oil Fund / Business News

Azerbaijan, Baku, May 29 /Trend A.Akhundov/

The successful execution of the state budget allowed it to reduce the amount of transfers from the State Oil Fund of Azerbaijan (SOFAZ), Finance Minister Samir Sharifov said during the discussion of the draft law On State Budget Execution for 2011 in Parliament on Tuesday

"Execution of expenditures below the target level and income above 100 per cent allowed transfers from the State Oil Fund amounting to 203 million manat below the target level," Sharifov said.

Sharifov noted that the state budget of Azerbaijan in 2011 allowed the implementation of all the previously scheduled public projects and programmes that enabled make judicious payment of salaries, allowances, pensions and scholarships. The revenues of the state budget were fulfilled by 100.9 per cent in 2011.

"Last year, state budget revenues amounted to 15700.7 million manat compared to the forecasted 15554.2 million manat, which is by 4297.7 million manat or by 37.7 per cent more compared to 2010," Sharifov said.

He said the share of budgetary revenues in GDP amounted to 31.4 per cent. Some 34.9 per cent of budget revenues were achieved through income from the Ministry of Taxes, 7.3 per cent - State Customs Committee, 57.3 per cent of the State Oil Fund and 0.5 per cent - from other sources.

The minister said expenditures in 2011 were performed by 96.6 per cent and totalled 15397.5 million manat compared to the forecasted 15941.2 million manat, which is 30.9 per cent, or 3631.6 million manat more compared to 2010.

"The share of budget expenditures in GDP amounted to 30.8 per cent, exceeding the previous year by 3.1 per cent. Some 46.2 per cent or 7115.4 million manat of the expenditures structure, were directed towards operating costs, 51.6 per cent, or 7938.3 million for basic expenses, 2.2 per cent, or 343.8 million manat on servicing external debt and other obligations of the state," Sharifov said.

The budget was executed with a surplus of 303.2 million manat last year.

"On January 1, 2012 the remainder of the single treasury account balance of the state budget amounted to 382.9 million manat," Sharifov said.

According to the minister, in 2011, the consolidated budget revenues were executed at 116.2 per cent and totalled 23225.7 million manat compared to the forecasted 19982.6 million manat, which is by 3781.7 million manat or 19.4 per cent more compared to 2010. Consolidated budget expenditures were executed at 94.4 per cent and totalled 17540.7 million manat compared to forecasted of 18614.8 million manat, which is by 3899.4 million manat or 28.6 per cent more compared to 2010.

"The consolidated budget in 2011 was executed with a surplus of 5.685 billion manat. Excluding SOFAZ, revenues in the consolidated budget deficit were recorded at the level of 9943.4 million manat. That is 19.9 per cent of GDP which is 7.1 per cent less than the projected level," Sharifov said.

Official exchange rate on May 29 is 0.7858 AZN/USD

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