Azerbaijan Parliament’s Commission to Begin Discussing 2008 Public Budget
Azerbaijan, Baku / Trend corr I. Khalilova / The President of Azerbaijan sent the project of discussing the 2008 public budget to Parliament. The Parliament's Commission for Economic Policy will begin discussions regarding budget forecasts by the end of the week, a source in the Parliament stated.
The project was presented to the Parliament without changes, and it seems that the Presidential Administration and the Government do not consider it necessary to make amendments to the budget forecasts.
According to the public budget project approvals, incomes will increase by 27.9% compared to 2007 making up AZN 7.383bln (28.2% of VAT) and expenditures will rise by 34.7% comprising AZN 8.509bln.
AZN 5bln is expected to be received from taxes (17.9% or AZN 760mln increase) and AZN 1.1bln from the State Customs Committee (42.9% or AZN 330mln increase). Transfers from the State Oil Fund will amount to AZN 1.1bln and AZN 279mln will be received from other sources.
Current expenditures will amount to AZN 4.737bln or 53.7% of the total expenditures. The main expenditures will account for AZN 3.688bln (43.3%). Payment of credits and interest rates will comprise AZN 84mln (1%).
The specific weight of society-targeted expenditures will rise by 26.5% compared to 2007 (AZN 584mln) comprising AZN 2786.6mln (32.7%).
The public budget deficit will make up AZN 1.126bln, which is 4.3% of VAT. Three sources are envisaged to cover the deficit: from the remains of the treasurer account as of 31 December 2007; revenues from privatization; and income generated from the sale of State loan securities.
Without SOCAR revenues, the deficit of the consolidated budget totals AZN 3.304bln. The limit of expenditures for the consolidated budget amounts to AZN 10.182bln.