Forecasts for Azerbaijan’s 2008 State Budget to be Corrected

Business Materials 1 February 2008 16:43 (UTC +04:00)

Azerbaijan, Baku, 1 February /corr. Trend I.Khalilova / Due to the significant changes in the social and economic life in Azerbaijan, the forecasts for 2008 State budget will be corrected and presented to the discussions of Azerbaijan Parliament in May, said the Head of Azerbaijan Parliament's Permanent Commission for Economic Policy, Ziyad Samadzade.

"The necessity for this appeared due to large-scale construction works in the country, social and economic development, realization of State programs," Samadzade said.

According to him, the recent orders of the State Head on additional measures to develop Azerbaijan's regions of Agdam and Agjebedi, and other such orders demand requiring additional funds for the realization of the projects.

According to the approved 2008 Public budget, the revenue part of the budget totaled AZN 7392500 thous and expenditure part - AZN 8518900 th (including centralized profits in amount of AZN 7134500,7 th, local profits - AZN 257999,3 th, centralized expenses - AZN 7605576,1 th and local expenses - AZN 913323,9 th).

The budget deficit was determined at the level of AZN 1126400,0 th. Taking into consideration the profits of the State Oil Fund of Azerbaijan (SOFAZ), the deficit of the aggregate budget of the Country totals AZN 3303905,0 th. The expenses of 2008 budget amounts AZN 10192055,0 th.