Azerbaijani Finance Ministry Completes Development of Corrections to State and Consolidated Budgets for 2008

Azerbaijan, Baku, 19 April / Trend corr. I.Khalilova / The analysis of clarified socio-economic indexes for 2008, as well as the dynamic of economic development in 2008 compared to previous years and growth of tax basis create ground for updating of forecast of state and consolidated budget for 2008, Samir Sharifov, Minister of Finance, stated during the meeting.

According to Sharifov, the reserves envisaged in the State budget, are not enough to implement measures by the President on social protection of poverty, as well as financial issues on set of state programs and tasks, put by the President on the results of the meeting of Cabinet of Ministers dedicated to results of socio-economic development in the first quarter. This lead to increase of items of expenditure in State budget.

Ministry of Finance has finished work on specification of forecast indexes in state and consolidated budgets for 2008. The key problems are to form corrections of budget indexes (incomes, expenditures and sources to finance deficit) and main directions of expenditures.

As for 2008, the income part of the budget was ratified on AZN 7,392,500 and expenditure - AZN 8,518,900. The upper limit of budget deficit is specified on AZN 1,126,400 rate. Taking into consideration the incomes of the State Oil Fund of Azerbaijan the deficit of consolidated budget totaled AZN 3,303,905. The upper limit of expenditures of consolidated budget for 2008 is ratified on rate of AZN 10,192,055.

Minister commissioned to reinforce control over accounting on tax invoice. To hold accounting in centralized order in 2006 order and sale of invoices were trusted to the Finance Ministry, which developed them on tender grounds. The centralized basis on sale of tax invoices to taxpayers was established in the Ministry.

The official rate at 19 April - 0,8289 AZN/USD.

The correspondent can be contacted at: [email protected]

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