$65 billion allocated for Azerbaijani regional development

Photo: $65 billion allocated for Azerbaijani regional development / Business News

Baku, Azerbaijan, March 14

By Abbas Ahkundov - Trend:

Azerbaijan has allocated $65 billion in total for the development of the regions.

Some 50.7 billion manat was allocated by Azerbaijan for the implementation of government programmes on socio-economic development of the regions, including 34.7 billion for the execution of the second state programme completed in 2013, Azerbaijani Prime Minister Artur Rasizade said while presenting the 2013 government report to the Azerbaijani Parliament (Milli Mejlis) on March 14.

"The development of the region remained a focus of the government last year," he said.

In particular, more than 70 percent of concessional loans granted by the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economy and Industry of the country last year focused on regional development, according to the PM.

As in previous years, attention was paid to deepening socio-economic and institutional reforms in 2013. One of the important steps in this direction is the expansion of ASAN Service activities based on the innovation founded on the personal initiative of President Rasizade who said: "Consequently, the quality of services provided by the state population has improved significantly and principles of transparency provided."

"The real GDP growth rate made up 5.8 percent, while the non-oil sector grew by 10 percent. Some 22 billion manats were invested in the country`s economy from all sources in 2013. Some 74.3 per cent of all investments were provided by the non-oil sector. The annual inflation rate was 2.4 percent," PM said.

The revenues of Azerbaijani state budget was achieved at 101.8 percent as of 2013. Revenue totalled 19,494 billion manat, increasing by 2.213 billion manat, or 12.8 percent compared to 2012. Budget expenditures are executed on 96.3 percent of forecast and reached 19.112 billion manat which exceeds the previous year by 1.697 billion manat, or 9.7 percent.

The Premier noted that 32.6 percent ,or 6.239 billion manat of the state budget of Azerbaijan was directed to financing socially oriented expenditure for science, education, health, culture and sport in 2013.

Translated by S.I.
Edited by S.M.

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