Baku, Azerbaijan, Jan. 20
By Azad Hasanli - Trend:
Expenditure part of Azerbaijan's budget will be revised, Azerbaijan's Finance Minister Samir Sharifov told reporters Jan. 20.
He said that first of all this will be done because of certain price increases as a result of the new exchange rate policy.
Certain social benefits are being offered, in order to reduce and mitigate the impact of this increase on most vulnerable groups of population, he said.
"In this regard, there is a special instruction of the president, according to which the state budget will be amended correspondingly," the minister said.
Sharifov went on to add that the expenditure part of the budget needs to be amended in order to create financial security for the increase of salaries, benefits for food expenses for internally displaced persons, as well as other social benefits.
He said the forecasts on the state budget should be revised in connection with reduction of income.
"We must ensure the increase in sources of income," he said. "All these issues will be reflected in a new version of the state budget for 2016."
The forecasts on the state budget will be formed considering the oil price of $25 per barrel.
The official exchange rate for January 20 is 1.6028 AZN/USD.
The approved budget for 2016 was prepared based on the oil price of $50 per barrel.
Revenues of the state budget for 2016 were approved at 14.566 billion manats, and expenses - at 16.264 billion manats.