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Amendments to Azerbaijan's state budget-2011 to be discussed by parliament

Business Materials 23 May 2011 15:32
The Azerbaijani parliament will discuss the changes to the Law on Azerbaijan's state budget-2011 this week, spokesman for the Azerbaijani Parliament Akif Tavekkuloglu told Trend.
Amendments to Azerbaijan's state budget-2011 to be discussed by parliament

Azerbaijan, Baku, May 23 / Trend M. Aliyev /

The Azerbaijani parliament will discuss the changes to the Law on Azerbaijan's state budget-2011 this week, spokesman for the Azerbaijani Parliament Akif Tavekkuloglu told Trend.

"The bill on the state budget execution-2010, amendments to the Law on State Budget-2011, as well as the changes to the State Social Protection Fund budget for 2011 will be discussed at the meeting of the Azerbaijani Parliament on May 27," he said.

He said that the amendments to the Code of Administrative Violations, Law on Road Traffic, Criminal Code, Civil Procedure Code, Penal Code will be discussed at the plenary session of the Parliament.

He said that a number of inter-state agreements are planned to be approved at the parliamentary meeting.

The bill 'On amendments to the Law on Azerbaijan's state budget for 2011' was introduced to the Azerbaijani Parliament for discussion on May 17.

The budget projections are adjusted under Azerbaijani President Ilham Aliyev's instructions to create additional financial support for activities to strengthen the social protection of population, primarily with a view to continue reforms in the pension system and raise salaries of employees of the budgetary institutions, social allowances, stipends and other social benefits, as well as fund a number of investment projects in the social and infrastructural sectors.

Funding these activities and projects is estimated at 3.1 billion manat.

The oil price is set at $80 compared to the previously approved $60 in the draft state and consolidated budget presented to the parliament.

The bill proposes to increase state budget revenues by 3.493.2 billion manat, which means a 29-percent increase in revenue compared to the forecast - up to 15.554.2 billion manat. The growth in the state budget revenues will be achieved through increased tax and customs revenues by 770 million manat, and by 2.7 billion manat through transfers of the State Oil Fund.

Budget expenditure is projected at 15.941.2 billion manat with a 25 percent increase (3.193.2 billion manat) compared to the draft state budget approved in 2011.

It is planned to cut by 300 million the budget deficit, which set at $687 million manat in the 2011 state budget, through additional income. After revising the state budget, the ceiling of the budget expenditure is projected at 18.634.3 million manat and consolidated budget surplus - 1.368.5 million manat.

The official exchange rate is 0.79 manat to $1.

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