BAKU, Azerbaijan, Nov. 12
By Khagan Isayev – Trend:
The ratio of the non-oil basic deficit of the consolidated budget to non-oil in Azerbaijan is projected to decrease by 1.7 percentage points from the forecast for 2021 (30.1 percent) - to 28.4 percent, Trend reports referring to the draft state budget of Azerbaijan for next year.
According to the information, the annual decrease in this indicator in the coming years will eliminate the dependence of the budget on oil revenues and ensure fiscal sustainability in the medium and long term.
In addition, according to the document, in order to prevent the depletion of the assets of the State Oil Fund of Azerbaijan (SOFAZ) in the long term, it is planned to regulate the number of transfers from SOFAZ to the state budget.
It is noted that transfers from SOFAZ to the state budget in 2022 will amount to 12.71 billion manats ($7.5 billion). The volume of transfers will grow by 4.2 percent over the year. This year's budget provides for the transfer of funds from SOFAZ in the amount of 12.2 billion manats ($7.2 billion).