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Deputy Minister: Azerbaijani state budget for 2011 may be executed without deficit

Business Materials 29 September 2011 13:29
Projections for the 2011 state budget can be executed without a deficit, Deputy Finance Minister Azer Bayramov told press on Thursday.
Deputy Minister: Azerbaijani state budget for 2011 may be executed without deficit

Azerbaijan , Baku, Sept. 29 / Trend A. Akhundov /

Projections for the 2011 state budget can be executed without a deficit, Deputy Finance Minister Azer Bayramov told press on Thursday.

"We had such practices last year," Bayramov said .

Bayramov said that there are no foreseeable problems with executing the budget forecasts for 2011.

"Revenues will be administered in excess of forecasts," Bayramov said. "It is impossible to fully execute the expenses. It is possible to execute the budget without deficit."

The f orecast for oil prices fixed in the state budget is $80 per barrel. The Treasury receives additional revenues as a result of rising oil prices on the world markets, the deputy minister said.

Budget revenues for 2011 are projected at 15. 554.2 m illion manat, increasing by 36.4 percent (4.151.2 m illion manat) compared to the actual figure of 2010. T he share of budgetary revenues in GDP is expected to increase to 34.7 percent by late 2011, or 7.3 percent more than last year's actual figure.

Budget expenditures are projected at 15. 941.2 m illion manat, increasing by 35.5 percent compared to the actual figure in 2010.

The budget deficit is projected to be 387 million manat, or 0.9 percent of GDP.

The official exchange rate is 0.7868 AZN/USD as of Sept. 29.

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