BAKU, Azerbaijan, Feb. 7
Trend:
Despite the unfavorable situation and difficulties, the execution of the state and consolidated budgets of Azerbaijan in 2020 was marked by positive dynamics, Trend reports.
This was stated during a meeting of the Collegium of the Azerbaijani Ministry of Finance on Feb. 5.
According to operational data, in 2020, the consolidated budget revenues amounted to 24.463 billion manat ($14.39 billion), and expenditures – 29.16 billion manat ($17.15 billion). The deficit of the consolidated budget of 4.698 billion manat ($2.763 billion) was 3.248 billion manat ($1.91 billion) or 40.9 percent less than the projected deficit of 7.945 billion manat ($4.673 billion).
In 2020, state budget revenues of Azerbaijan were executed in the amount of 24.679 billion manat ($14.517 billion) or 102.3 percent, and expenditures - by 26.416 billion manat ($15.538 billion) or 96.1 percent. The state budget deficit amounted to 1.737 billion manat ($1.021 billion), which is 1.631 billion manat ($959 billion) or 48.4 percent less than the projected deficit of 3.368 billion manat ($1.981 billion).
A significant narrowing of the budget deficit against the forecast was due, first of all, to the fact that the fiscal authorities ensured an excess of state budget revenues and efficient execution of state budget expenditures. Thus, the State Tax Service ensured the transfer to the state budget of 7.387 billion manat ($4.345), which is 197 million manat ($115.8 million) more than the forecast.
At the same time, the State Customs Committee of Azerbaijan transferred 3.938 billion manat ($2.316 billion) to the state budget, which is 108 million manat ($63.5 million) more than the projected 3.83 billion manat ($2.25 billion). The proceeds from the transfer of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 100 percent or 12.2 billion manat ($7.17 billion).
The state budget received 596 million manat ($350.5 million) of extra-budgetary income and 558 million manat ($328.2 million) of other income from budgetary organizations.
(1 USD = 1.7 manat on Feb. 6)