Azerbaijani parliament adopts budget for 2020 during first reading

Azerbaijani parliament adopts budget for 2020 during first reading

BAKU, Azerbaijan, Nov. 13

By Elchin Mehdiyev - Trend:

Azerbaijani parliament adopted budget for 2020 during the first reading, Trend reports on Nov. 13.

The revenues of Azerbaijan’s state budget for 2020 are projected at over 24.1 billion manat ($14.2 billion) which is an increase of 4.2 percent, expenses – over 26.9 billion manat ($15.9 billion) which is an increase of 6.8 percent compared to 2019.

The state budget deficit for the next year is projected at over 2.8 billion manat ($1.7 billion) or 3.3 percent of GDP.

The state budget revenues for the next year have been calculated proceeding from the oil price of $55 per barrel (for 2019 - $60 per barrel).

In the revenue structure, over 13.5 billion manat ($7.9 billion) or 56 percent is planned to be ensured through the revenues from the oil sector, over 10.6 billion manat ($6.2 billion) - 43.9 percent from the non-oil sector. The budget revenues from the non-oil sector are planned to be increased by 12 percent compared to 2019.

The revenues are planned to be obtained from the Ministry of Taxes in the amount of over 7.8 billion manat ($4.5 billion) which is an increase of 7.6 percent compared to 2019) or 32.6 percent of all budget revenues. The revenues are planned to be obtained from the State Customs Committee in the amount of 4 billion manat ($2.4 billion) which is an increase of 8 percent or 16.6 percent of revenues.

The transfers to the state budget from the State Oil Fund of Azerbaijan for 2020 are envisaged in the amount of over 11.3 billion manat ($6.7 billion) which is 0.1 percent less compared to 2019 or 47 percent of all budget revenues.

Moreover, in accordance with the forecasts, extra-budgetary revenues of budgetary organizations will ensure 3.5 percent of revenues to the state budget while 0.3 percent - other revenues.

In the structure of expenditures, over 10.4 billion manat ($6.1 billion) which is an increase of 33.5 percent is planned to be allocated for social purposes, which makes up 38.5 percent of the state budget expenditures.

Over 17.3 billion manat ($10.2 billion) which is 64.2 percent of state budget expenditures will account for state budget expenditures, capital expenditures – over 7.8 billion manat ($4.6 billion) which is 29 percent of expenditures in 2020.

The public debt servicing costs will reach over 1.8 billion manat ($1.1 billion) or 6.8 percent of the state budget. The public debt servicing costs will be reduced by 21.7 percent compared to 2019.

In the second reading, the bill will be considered in the parliament on November 26.

There are 11 issues on the agenda of today's parliamentary meeting, including bills on the subsistence minimum, the poverty threshold for 2020, the budget of the State Social Protection Fund, the Unemployment Insurance Fund for 2020, cost estimates for the Azerbaijani parliament and the Chamber of Accounts for the next year and other bills.

The budget discussions in the parliament launched on Nov. 12 were also held on Nov. 13 and will continue on Nov. 14.

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