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Accounting Chamber recommends reserve priority

Business Materials 24 May 2011 14:48
Investment projects implemented in previous years, as well as ongoing construction work, is the biggest priority for the Azerbaijani government, Accounting Chamber Chairman Heydar Asadov said on Monday during a discussion of a draft law on the state budget for 2010.

Azerbaijan, Baku, May 24 / Trend, N. Ismayilova /
Investment projects implemented in previous years, as well as ongoing construction work, is the biggest priority for the Azerbaijani government, Accounting Chamber Chairman Heydar Asadov said on Monday during a discussion of a draft law on the state budget for 2010.

"Practice shows that new projects should be launched only after their completion," Asadov said.

He said 179 new projects were launched last year and all of them were successfully implemented in accordance with the plan. However, 519 projects are transitional and their implementation is underway.

Capital investments expenditures in industry and construction envisaged in a bill on amendments to the law on the Azerbaijani state budget for 2011, hits 77.8 percent of the additional expenditures, or 2,484.1 million manat, which is 73.5 percent more than the previously approved volume on this indicator, and 41.9 percent, or 1,731.7 million manat of expenses actually executed in 2010.

The official exchange rate is 0.79 manat to $1 on May 24.

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