Report on 2008 Azerbaijani budget fulfillment submitted to parliament for approval
Azerbaijan, Baku, May 20 / Trend , I.Khalilova/
Successful realization of economy policy in Azerbaijan allowed to avoid the impact of global economic and financial crisis on the country's fiscal system, Chairman of the Parliamentary Standing Committee on Economic Policy Ziyad Samadzade said during the meeting to discuss a report on the 2008 public budget.
"Increasing coordination between the economic agencies and simplifying monetary policy enabled to implement effective socio-economic strategy and fulfill the budget forecasts," Samadzade said.
Finance Minister Samir Sharifov, introducing the report, said that the growth rate in recent years led to the dynamic development of the country's economy, and regardless of the deepening world crisis in the second half of 2008, the financial system in Azerbaijan has continued to strengthen, while maintaining growth.
"In 2008, the volume of social protection of low-income families was increased, implementation of giant infrastructure projects was continued, food security was ensured, investment program for the social sector was expanded, and the main priority in the real sector of the economy was to develop non-oil sector," the minister said.
The minister said implementation of these activities contributed to the execution of socio-economic projections. In 2008, real GDP growth was10.8 percent, while GDP per capita grew by 9.5 percent. People's money incomes increased by 77.8 percent and per capita income to 36.7 percent compared to 2007. Employees' salaries in the country's economy have reached 268 manat with a 24.2-percent increase. The country's population increased by 5.6 percent, while level of poverty dropped by two thirds compared to 2003.
During the reporting period, the dynamic growth of the economy influenced on fulfillment of the public budget and consolidated budget in 2008.
In 2008, revenues of the consolidated budget amounted to 19.52 billion manat, increasing to 2.4 times, and expenses - 12.464 billion (with an increase to 97.6 percent) manat.
State budget revenues amounted to 10.763 billion manat, with growth at 79.9 percent, while expenditures - 10.774 billion manat (77 percent). According to Sharifov, the income of the budget is executed on 102.7 percent, while the expenses - at 97.4 percent. Income from non-oil sector compared to 2007 increased to 1.039 billion manat or 42.8 percent. The share of non-oil revenues increased 0.4 percent and was 19.9 percent.
At the same time in 2008, the Ministry implemented the tax forecasts for the collection of taxes on 105.9 percent, the State Customs Committee - to 100.1 percent, and transfers of the State Oil Fund were carried out fully, at the level of 3.8 billion manat).
In 2008, some .5 percent of budget expenditures, or 2.958 billion manat was aimed at financing of socio-protected articles of the budget and their volume increased by 44 percent compared to 2007.
Budget deficit amounted to 11.562 million manat, or 0.03 percent of GDP.
A parliamentary committee approved the report of fulfillment of the public budget-2008 and recommended it for approval by the parliament
On May 20, the official exchange rate is 0.8037 manat to $1.
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