Baku, Azerbaijan, Aug.5
By Elchin Mehdiyev - Trend:
Amendments to the state budget of Azerbaijan for 2020 proposed by the Ministry of Finance were adopted at an extraordinary meeting of the Azerbaijani parliament in the first reading, Trend reports on August 5.
Based on calculations carried out given the updated macroeconomic forecasts for the current year, the revised state budget revenues for 2020 are envisaged in the amount of 24.124 billion manat ($14.19 billion), which is 35.3 percent of GDP.
After the proposed changes, the consolidated budget revenues will be nearly 5 billion manat ($2.94 billion) less than the current ones, and the consolidated budget deficit will amount to 8.436 billion manat ($4.96 billion). The decrease in the state budget deficit is due to the reduced domestic demand for petroleum products, as well as the introduction of incentives on some taxes.
Some 600 million manat ($352.9 million) has been allocated from the state budget for the implementation of support programs. Taxes and fees of the state budget, approved as a result of the revision, as well as extra-budgetary revenues of organizations financed from the state budget, shall be reduced by 890.5 million manat ($523.8 million), and the transfers of the State Oil Fund and other state budget revenues shall be increased by 850 million manat ($500 million).
Given the above, the state budget expenses for 2020 will amount to 27.492 billion manat ($16.17 billion), of which 190 million manat ($111.7 million) is envisaged for placement of bonds in the domestic market.