BAKU, Azerbaijan, October 23. The amount of funds allocated for education in Azerbaijan in 2024-2027 has been revealed, Trend reports.
The Ministry of Finance of Azerbaijan said that, within the framework of the medium-term budget for 2024-2027, Azerbaijan plans to allocate 4.5 billion manat ($2.6 billion) for education in 2024, 5.1 billion manat ($3 billion) in 2025, 5.3 billion manat ($3.1 billion) in 2026 and 5.5 billion manat ($3.2 billion) in 2027.
In addition, 579.4 million manat ($340.8 million) of them are planned to be allocated for higher education in 2024, 631.8 million manat ($371.6 million) in 2025, 671.7 million manat ($395.1 million) in 2026 and 690.6 million manat ($406.2 million) in 2027.
In general, it is planned to allocate 79.8 million manat ($46.9 million) from the education budget for digitalization of the education system in 2024, 81 million manat ($47.6 million) in 2025, 82.2 million manat ($48.4 million) in 2026 and 83.5 million manat ($49.1 million) in 2027.
Moreover, Azerbaijan plans to allocate 328 million manat ($192.9 million) in 2024, 697.3 million manat ($410.2 million) in 2025, 679.5 million manat ($399.7 million) in 2026 and 793.3 million manat ($466.6 million) in 2027 from the budget to improve the management system in the education and logistics system.
The creation of a modern and strong education system, which is one of the important factors determining the competitiveness of the economy, thereby forming highly competitive human capital and introducing innovations, is identified as one of the priorities of national spending for the near medium term.