Azerbaijan, Baku, June 22 / Trend, I. Khalilova /
Amendments to the 2010 budget forecast will not significantly impact inflation in Azerbaijan, Central Bank of Azerbaijan Chairman Elman Rustamov said June 21.
"A conservative policy was chosen while forecasting the parameters of the 2010 public budget, and it was approved with zero growth," he said. "But global processes, including oil prices rising on world markets, are increasing the country's financial capacity. This allows us to amend our budget forecasts."
Rustamov stressed that the amendments are necessary to neutralize the future impact of the crisis. The new figure will be the biggest budget yet in Azerbaijani history.
Based on the amendments, the budget deficit was reduced from 1.249 billion to 770.3 million manat. As a result, the state budget deficit decreased from 3.9 percent to 2.3 percent of the GDP. Budget revenues increased by 1.49 billion manat to 11.505 billion manat. Budget expenditures increased by 1.12 billion manat to 12.275 billion manat.
The income growth from the Tax Ministry is expected to reach 490 million manat. The ministry's plans increased to 4.470 billion manat. Transfers from the State Oil Fund of the Azerbaijan Republic will increase by 1 billion manat to 5.915 billion manat.
The official exchange rate today is 0.8038 manat to $1.