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State budget for Azerbaijan in 2024 to undergo updates

Economy Materials 23 May 2024 14:55 (UTC +04:00)
State budget for Azerbaijan in 2024 to undergo updates
Elchin Mehdiyev
Elchin Mehdiyev
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BAKU, Azerbaijan, May 23. The Azerbaijani state budget for 2024 will see amendments, the Finance Minister of Azerbaijan Samir Sharifov said during the discussion of the draft law "On the execution of the state budget of Azerbaijan for 2023" in the Azerbaijani parliament on May 23, Trend reports.

"Everybody aims to see the proportion of spending in the GDP rise. This percentage rose to thirty percent or even higher in 2023. However, that is the state budget; the combined budget is far larger, at about 34.5 percent," he said.

Sharifov emphasized that the head of state has submitted a bill to the Azerbaijani Parliament for the revision of the state budget for 2024.

"If this draft law passes, state budget expenditures will reach 34 percent of anticipated GDP, and this is a marked improvement. However, costs are rising significantly, and this must be acknowledged," he added.

To note, Azerbaijan's state budget revenues increased by 16 percent in 2023, reaching 35.5 billion manat ($20.8 billion). Expenditures of the state budget reached 36.4 billion manat ($21.3 billion), which is 13.7 percent higher than in 2022.

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