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Azerbaijan's 2010 state budget forecasts will be corrected

Business Materials 1 June 2010 17:30

Azerbaijan, Baku, June 1 / Trend N.Ismayilova /

The Azerbaijani Finance Ministry continues to work on adjustments to the 2010 state budget forecasts.

Finance Minister Samir Sharifov said it is expected to make some additions to the revenue part of budget.

"Given a positive conjuncture in oil prices on world markets and price at $45 per barrel that was set in predicting budget estimates, we may receive additional revenue to the state budget, as well as additional funds to the State Oil Fund of Azerbaijan," Sharifov said.

In addition, according to the President Ilham Aliyev's decree, the state budget will allocate additional funds to remedy the effects of natural disasters in the regions of Azerbaijan.

The state budget's revenue was approved at the level of 10.015 billion manat, costs - 11, 264 billion manat. Budget deficit projected at 1,249 billion manat or 3.9 percent of GDP.

Budget projections were formed at price amounting to $45 per barrel of oil, but in the first quarter average price was $75.

In the first quarter, the actual income in the revenues of the state budget amounted to 2.446 billion manat (25.6 percent of GDP) in the performance of the forecast by 104 pe cent. Expenditure was performed at 82.7 percent amounting to 1,979.1 million manat (20.7 percent of the GDP). Budget surplus for the first quarter amounted to 466.9 million manat.

The official exchange rate is 0.8036 manat to $1 June 1.

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