BAKU, Azerbaijan, June 20. The factors causing the revision of the state budget of Azerbaijan and macroeconomic forecast indicators have been reflected in the amendments to the law "On the state budget of Azerbaijan for 2022", Trend reports.
According to the amendments, oil revenues in the state budget for this year have been forecasted to exceed the approved indicator by 2.04 billion manat ($1.2 billion), non-oil revenues - by 1.534.3 billion manat ($900 million), and in total, 3.574.3 billion manat ($2.1 billion) should be additionally transferred to the state budget.
A number of measures necessary to further strengthen the defense and national security of the country, accelerate restoration and reconstruction work in the Azerbaijani territories liberated from Armenian occupation and ensure food security in 2022 have formed demand for allocating 2.985 billion manat ($1.76 billion).
Covering such demand through additional revenues and existing reserves of the state budget has made it necessary to revise the state budget in accordance with Article 23.2 of the Law of Azerbaijan "On the budget system".
Due to the revision of the state budget, in compliance with the upper limits set by the targets of the budget rule (deficit of the non-oil base of the consolidated budget and public debt), it’s planned to cover the above expenditures as: 1.351.1 billion manat ($790 million) - through additional non-oil revenues; and 847.5 million manat ($498.8 million) through additional oil revenues.
Due to amendments to the state budget (increasing funds allocated to finance state budget obligations and regulate other expenditures in order to balance the budget of the State Social Protection Fund) it’s planned to allocate 560.8 million manat ($329.88 million).
According to the forecasts, the average annual inflation will make up 12.5 percent.