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Central Bank: 2014 state budget’s foundation of Azerbaijan’s new economic doctrine

Azerbaijan Materials 14 November 2013 13:27 (UTC +04:00)
Azerbaijan’s state budget for 2014 puts forward the basis for the country’s new economic doctrine.
Central Bank: 2014 state budget’s foundation of Azerbaijan’s new economic doctrine

Baku, Azerbaijan, Nov. 14

By Emin Aliyev - Trend: Azerbaijan's state budget for 2014 puts forward the basis for the country's new economic doctrine, Chairman of the Azerbaijani Central Bank (CBA) Elman Rustamov said speaking at Milli Mejlis (parliament) of Azerbaijan in discussion of a budget package for 2014.

"The most important trend of the current budget is the significant decrease of transfers from Azerbaijan's State Oil Fund. This is not an easy issue. The country's state budget increased over 19 times in the past 10 years and exceeded the growth rate of the national economy six-fold. The decrease of the volume of transfers from the oil fund shows that in the future the country's economic growth will rely on other factors such as the non-oil sector," the CBA head said.

According to Rustamov, this means the values of the State Oil Fund will also be followed.

"The Fund is concentrated on a main function which is preservation, increase of the country's oil revenues and financing of the most important projects and development directions. Transfers from the State Oil Fund will be replaced by investments in various spheres such as infrastructure, education and other sectors.

"The state budget for the next year signifies a new approach to Azerbaijan's economic development and financing of the budget deficit by non-inflationary sources," Rustamov said.

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