Azerbaijani parliament discusses forecasts on 2010 public budget

Azerbaijani parliament discusses forecasts on 2010 public budget

Azerbaijan, Baku, Nov. 3 / Trend I.Khalilova /

On Nov.2, the Azerbaijani five parliamentary committees launched the discussions on the draft forecasts on 2010 public budget, the consolidated budget and socio-economic concept for 2010 and subsequent three years.

The head of the parliamentary committee on economic policy Ziyad Samadzade named this document a higher economic document of decades of 21st century saying that it was developed on the basis of targets set in connection with the transition to a new economic system.

"The conducted reforms, favorable conditions, the dynamic development of economy in the country and achievements of the past five years allowed the country to overcome the transition period and build a new economic system, despite the continuing global crisis," Samadzade said. "However, it is necessary to take measures to ensure the continuous and qualitative development."

According to Finance Minister Samir Sharifov, forecasts on 2010 public budget were prepared by taking into the account the findings of the global crisis's adverse effects and expectations of future internal and external factors affecting the socio-economic life.

"While preparing the forecasts, we have tried to maximally neutralize the public budget from risks linked to the crisis, expected withdrawal of the world economy from a period of stagnation in 2010 and the restoration of energy prices, as well as ensuring further development of the country's economy," the minister said.

Considering different forecast on world economic growth in 2010 made by the IMF at 1.4 percent, the World Bank - 2.9 percent and, in general, continuation of  the uncertainty of the situation on world markets, a conservative approach was chosen while forming the budget projections in order to preserve stable financial support, the minister said.

In 2010, the growth rate of budgetary and expenditure part of the public budget were laid lower than the projections for 2009.

"This decrease was made as response to the world appeals on the backdrop of the withdrawal from global crisis," Sharifov said. "And decrease in oil prices to 45 dollars per barrel in the 2010 public budget is the protective measure."

Moreover, a decrease in the budget expenditures will be accompanied by broadening the tax base at the expense of reducing tax rates, including income tax from 22 to 20 percent and the maximum income tax rate from 35 to 30 percent, and increasing the amount of the annual income for taxation under the simplified system from 90 to 150,000 manat, as well as the pre-school education facilities exempting from VAT.

According to him, in 2010, it is necessary to strengthen fiscal, monetary and credit policy to uphold macroeconomic stability and continued development of the private sector.

Under the law "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 State Oil Fund of Azerbaijan Republic (SOFAZ) is expected to transfer 4.915 billion manat to the public budget.

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.

As a result of discussions, the draft of the public budget was recommended to be considered at the parliament's plenary meeting.

On Nov. 3, the official exchange rate is 0.8033 manat to $1.

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