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Deputy minister: Azerbaijan's state budget-2011 may be increased by 1 billion manat

Business Materials 3 May 2011 18:48 (UTC +04:00)
The draft amendments to the Law on State Budget for 2011 is planned to be presented to the Azerbaijani Presidential Administration within 10 days, Deputy Finance Minister Azer Bayramov told media.
Deputy minister: Azerbaijan's state budget-2011 may be increased by 1 billion manat

Azerbaijan, Baku, May 3 / Trend N. Ismayilova /

The draft amendments to the Law on State Budget for 2011 is planned to be presented to the Azerbaijani Presidential Administration within 10 days, Deputy Finance Minister Azer Bayramov told media.

"It is planned to keep deficit while correcting the budget projections for 2011," he said. But significant changes are expected to be made in budget projections."

It is proposed to increase the price on oil from the current $ 60 to $ 80 per barrel within the corrections of the budget forecast for 2011. The revenues to the state budget are expected to be increased in connection with increasing oil prices on the world markets.

He said that the Azerbaijan International Operating Company (AIOC) is expected to transfer additional 450 million manat to the state budget. The initial forecast of income from the AIOC was fixed at 600 million manat.

AIOC is the operator developing a large block of Azerbaijani Azeri-Chirag-Guneshli fields, where Azeri Light oil is produced.

"However, the AIOC transferred 641 million manat to the state budget over the last two quarters," he said. While correcting the budget projections, 450 million manat more will be added. At the most conservative approach, if the payment hit 200 million manat per quarter, the most minimal amount forecast will hit 1.050 billion manat, but we expect more."

The forecast for the State Oil Company (SOCAR) is expected to be increased by 150-160 million manat. According to the forecasts, the revenues from SOCAR are expected to reach 1.080 billion manat in 2011.

"The calculations are underway," he said. "But these expectations are related to the difference in the price on oil."

At present, the transfers from the State Oil Fund of Azerbaijan are being specified. They were determined at 6.48 billion manat for this year.

Additional 700 million manat are expected to be received through the Ministry of Taxes. The forecast will be also increased for the State Customs Committee but not so much.

According to the forecasts, the income, received through the Ministry of Taxes, is determined at 4.420 million manat, $ 1.120 million manat for the State Customs Committee.
"The total growth forecast for the revenue of the state budget may exceed 1 billion," Bayramov said.

The budget revenues of the country in 2011 were approved a $ 12.061 million manat (centralized income - 11.613.958.2 manat, local - 447.041.8 manat), expenses - 12.748 million manat (centralized expenses - 11.439.980 manat, local expenses - 1.308.020 manat).

The official exchange rate is 0,7913 manat to $1.

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