Ministry: No problems with proportional execution of state budget income and expenditure in Azerbaijan
Azerbaijan, Baku, May 18 / Trend A. Akhundov /
The country obtained the possibility for proportional execution of revenue and expenditure parts of the state budget due to establishing the State Oil Fund of Azerbaijan (SOFAZ), Deputy Minister of Finance Azer Bayramov said at a meeting of the parliamentary committee on economic policy today.
"There was a problem with parallel execution of expenditure and income before SOFAZ was established," he said. "There were problems with collecting revenues at the beginning of the year. There are no problems now."
He said that today the state has sufficient funds for expenses.
"As opposed to the previous years, today the country's financial opportunities have been expanded," he said. "From the first working day of the year, we can get the necessary funds from SOFAZ to execute expenditures and have the ability to carry out any planned funding. There are no problems with it. Today, if we consider the results of four months, the funding has already begun. Executing the state budget expenditure hit 75-76 percent."
The state budget revenues for 2012 are projected at 16.438 billion manat. About 9.9 billion manat falls to the share of transfers from SOFAZ or 60.2 percent of total volume of revenues in the state budget.
The expenditures of the budget for this year hit 17.072 billion manat.
The official exchange rate is 0,7858 AZN/USD on May 18.