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No need to correct forecasts for 2009 Public budget in Azerbaijan

Business Materials 9 May 2009 10:53 (UTC +04:00)

Azerbaijan, Baku, May 8/ Trend , E.Ismaylov, U.Ismaylova /

Corrections are not expected to be made to the Public budget in Azerbaijan, at least today this issue is not on the agenda, said Chairman of the Accounting Chamber (AC) of Azerbaijan, Heydar Asadov on May 8.  

"We see no need to revise the budget - said Asadov. - The AC formerly stated that even at lower oil prices on the world market at $50 per barrel, the Public  budget does not require serious changes."

Budget forecasts were formed at the price of oil at $70 per barrel, but since last year, the oil price on the world markets began to decline, reaching below $37, but today it is $57.

"The non-revision of budget forecasts for this year results from the remains of the last year's budget, savings from falling prices in the country [as a result of reduction of consumption, as well as in the world], as well as from the realization of several investment projects," said the head of the AC.

Formerly the Finance Minister Samir Sharifov also said that there was no need for correcting budget forecasts for this year.

"The accumulated reserves will allow some of our programs to be implemented with lower cost. As a result, the savings will be redirected towards supporting the real sector," said the Minister.

According to the 2009 Public budget approved by President of Azerbaijan Ilham Aliyev on 11 December, the incomes are projected at 12.177 billion manat (27.9 percent), expenditure -12.355 billion manat (28.3 percent of GDP), deficit - 178 million manat, or 0 4 percent of GDP.

Official rate on May 8 is 0.8035 AZN/USD.

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