Azerbaijan has highest budget expenditures growth rate in CIS

Azerbaijan has highest budget expenditures growth rate in CIS

Azerbaijan, Baku, Nov. 6 / Trend A. Akhundov /

The share of investment expenditure in the structure of the state budget expenditure will be reduced for the nearest years, Azerbaijani Deputy Finance Minister Azer Bayramov said at the international workshop "Public Sector Accounting" within "Pem PAL" program today.

"Around a half of the state budget expenditure has recently fallen to the investment expenditure," he said. These funds are transferred to support the current projects and increase the current costs. However, the share of investment expenditure will be reduced in the future and the current budget will be increased."

He said that the country's state budget has recently increased and the budget parameters exceed 30 percent of GDP.

Chairman of the parliamentary committee on economic policy Ziyad Samadzade also spoke at the workshop. The level of budget parameters - 32-34 percent of GDP is a positive sign.

"Azerbaijan has the highest rates of growth of budget expenditures among the CIS countries," Samadzade said. "Despite Azerbaijan's GDP per capita is at a high level - around $9,000, there are some areas that need development. These rates of expenditure allow liquidating a gap in these areas."

The state investments in the state budget hit 6.915 billion manat in 2013, or 34.9 percent of all state budget expenditures. They will increase by 1.141 billion manat, or 19.8 percent compared to the predicted data as of late 2012 and by 1.063 billion manat, or 18.2 percent compared to the actual indices in 2011.

The investments will primarily focus on construction and reconstruction of industrial, transport, energy, agriculture and other infrastructure, social and cultural facilities, the purchase of fixed assets, a number of state programs, and so on in 2013.

According to the project, the budget expenditure will amount to 19.81 billion manat in 2013 (35.2 percent of GDP projected for next year).

The official exchange rate is 0,7849 AZN/USD on Nov. 6.

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