Accounting Chamber of Azerbaijan approves bill on budget amending

Business Materials 25 May 2012 12:18 (UTC +04:00)

Azerbaijan, Baku, May 25 /Trend A.Akhundov/

The Accounting Chamber of Azerbaijan discussed and approved the conclusion of the draft law on amendments to the state budget for 2012, the Chamber said in a statement issued yesterday.

The Chamber focused on the analysis of macroeconomic indicators over the past period in 2012, and the factors affecting the economy, as well as the study of issues that make it necessary to adjust the income and expenditure of budget.

President Ilham Aliyev presented the bill on amendments to the state budget for 2012 to the Parliament of Azerbaijan.

Under the changes, budget revenues and expenditures will increase by 600 million manat and amount to 17.038 billion manat and 17.672 billion manat, respectively.

The main reason for adjusting the budget projections is providing additional funding in accordance with the instructions of the President to cover the damage to the population and socio-economic infrastructure of Zagatala, Gakh and Balaken areas in the north-west of the country caused by the earthquake.

Furthermore, additional funds will be directed to complete the work to eliminate the effects of the large scale disaster in the territory of the Sabirabad and Salyan district flooed when the Kura and Araz rivers overflowed after torrential rains, floods and excessive rain in some parts of the country such as Saatli, Imishli, Neftchala, Hajigabul, Shirvan , Zyardab, Kurdamir, Salyan, Sabirabad and Shamakhi, as well as the purchase of special purpose vehicles and equipment for the adoption of preventive measures and to avert possible disasters and emergencies and to implement the relevant measures in landslide areas in a number of areas of Baku and elsewhere.

Official exchange rate on May 25 is 0.7859 AZN/USD