Azerbaijan, Baku, July 4 / Trend A. Akhundov /
According to preliminary data, the profitable part of the Azerbaijani state budget for the first half of 2012 has been executed by 106 per cent and expenditures by more than 90 per cent, Azerbaijani Deputy Finance Minister Azer Bayramov told the media today.
"Now these numbers are being specified," he said. "The indices are good for six months. The process of financing the investment projects from the state budget has been launched."
He said that even with the current level of oil prices on the world markets it is sufficient for the state budget to be executed in accordance with the forecast.
"We are talking about the average cost of oil, that is, if it is at $120, today the average price is $90," he said. "This does not mean that the average annual cost as of 2012 will be less than $100. We have a normal margin of durability. Of course, if there is a dramatic fall, then that is another issue."
According to the amendments to the state budget for 2012, budget revenues and expenditures increased by 600 million manat. Budget revenues are projected at 17.038 million manat and expenditures at 17.672 million manat. The forecast price on oil in the state budget was increased from $80 to $100 per barrel.
The official exchange rate is 0.7856 AZN/USD on July 4.