Azerbaijan, Baku, Oct. 12 /Trend, I.Khalilova/
On the backdrop of the integration process of the Azerbaijani economy into the world market, during the preparation of the 2011 Public budget, the processes occurring in the international financial and commodity markets, as well as medium-term factors of the global economy have been taken into account, Finance Minister Samir Sharifov said Tuesday during discussions over the draft budget for next year at the plenary session of the Parliament of Azerbaijan.
"The positive factor is that the world economy, freed from the global crisis that shook the entire world for the past two years, is again beginning to rise. Despite the end of stagnation, the restoration of economic growth at the level of pre-crisis period will require more time than was previously assumed. That is, positive economic growth worldwide will continue more slowly," said the minister.
Over the last two years, the monetary expansion activities undertaken by some developed countries have been sharply limited. Countries reduced budget costs and expressed a preference for tight fiscal policy that raises the possibility of negative impact on demand at the global level.
One of the main goals in forming the budget forecasts was to reduce the dependence on the oil sector, efficiently use economic and resource potential of the regions, improve the efficiency of social services funded by the Public budget, provide targeted financial aid, the minister said.
In 2011, in the tax policy the main attention has been paid to ensuring the growth rate of tax and non tax revenues, improve tax administration, reduce tax liabilities.
The minister said efforts to expand the innovative and entrepreneurial activities, optimize taxation in different directions, create new and active businesses will also continue next year.
"Given the economic situation in the world, we have approached attentively the forecasting of the budget revenues and expenditures, and the price of oil laid down in amount of $60 per barrel," the minister said.
Azerbaijan's Public budget revenues in 2011 will increase by 4.8 percent to 12.061 billion manat (30 per cent of GDP), expenditure - 3.9 percent to 12.748 billion manat (31.7 per cent of GDP) compared to 2010.