Cut in 2010 public budget expenditure achieved through completion of major investment projects: minister
Azerbaijan, Baku, Oct. 21. / Trend N. Ismayilova /
Cut of expenditure of the draft 2010 public budget of Azerbaijan has been achieved through the completion of major investment projects carried out previously in the country, the Azerbaijani Finance Minister Samir Sharifov said on Oct.21.
"Recently the country has undertaken large-scale investment projects and currently some of them are about to complete. It enabled to cut the expenditure of the 2010 public budget slightly," Sharifov said.
According to Sharifov, it was achieved to some extent due to priority approach to selecting new projects, particularly, the completion of projects carried out in the country earlier.
Under the forecast on 2010 public budget", in 2010 forecasts on the public budget revenues will amount to 10.015 billion manat (31.5 percent of GDP), including centralized income - 9.552 billion manat and local revenue - 462.98 million manat, and expenses - 11.264 billion manat (35.4 percent of GDP), including centralized expenditures - 10.069 billion manat and local expenditures - 1.194 billion manat.
Limit of the public budget deficit was forecasted at 1.249 billion manat. Four sources are provided to finance the budget deficit: through revenues from state property privatization, domestic and external borrowings, including funds from placing securities abroad, income from the paid services provided by budgetary organizations and the balance on the single treasury account of the public budget for Jan.1, 2010.
The maximum limit of the consolidated budget expenditures is forecasted at 12.466 billion manat and revenues at 11.885 billion manat. The deficit of the consolidated budget, excluding revenues of SOFAZ, forecasted at 6.544 billion manat.
The forecasts were made taking into account the oil price at $45 per barrel.
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