Parliamentary committee head: Forecast for oil price in 2011 state budget protects Azerbaijani economy from risks
Azerbaijan, Baku, September 17 / Trend N. Ismayilova /
State budget projections for 2011 will be submitted to the parliament in October, the chairman of the parliamentary committee on economic policy, Ziyad Samadzade, said.
The forecasts of the state budget for 2009 were formed in accordance with an oil price of $70 per barrel. But the oil price on world markets began to decline in 2008, hitting below $40-50. The average oil price is expected to hit $70-75 in 2010.
According to amendments made to the budget forecasts in 2010, revenues were increased by 11.505 billion manat to 1.49 billion manat. Budget expenditures were increased by 1.11 billion manat up to 12.275 billion manat.
As a result of the amendments, the budget deficit was reduced from 1.249 billion to 770.3 million manat. It means a reduction in the state budget deficit from 3.9 percent to 2.3 percent of GDP.
As of Sept.17, the official exchange rate is 0.8033 manat to $1.