Favorable situation with the maneuverability of finance in Azerbaijan mitigates risk of fluctuations in oil prices

Azerbaijan, Baku, 6 November / corr. Trend A.Akhundov /

Favorable situation in the maneuverability of the Azerbaijani financial resources neutralizes the risks that may be caused by fluctuations in oil prices in world markets.This was told Trend by Deputy Finance Minister Azer Bayramov on Tuesday.

In forming of the budget forecasts for 2013 oil prices stand at the level of $100 per barrel. Next year, 79 percent of the Azerbaijani state budget is planned to be formed of direct payments of the oil sector. The share of oil sector in GDP is projected at 38.6 percent next year.

"If you look at inflation, which runs simultaneously with changes in oil price in the world, operations that was considered to be risky 2-3 years, now seem trivial. Therefore the fact that the oil price is set at $ 100 is reasonable," Bayramov said.

According to him, there are several options to prevent possible threats.

"Budget adjustments will help to avoid risks. The practice of fiscal adjustment is not that effective by itself. If the actual and approved budget revenues are very different, we have to carry it out. We have a large 'safety cushion' in the face of the State Oil Fund of Azerbaijan, which secures us. No one is safe from a disaster. If something extraordinary happens, during adjustment we could,at least, change forecasts downward, " Bayramov said.

According to him, given the high share of investment spending in the country, this process can be carried out safely.

"A sleeker version is also possible : to change the budget, to increase transfers from the State Oil Fund. Today, in terms of maneuverability of finance resources, the situation is much better than before," the Deputy Minister stated.

Revenues of the consolidated budget of Azerbaijan in 2013 will amount to 20.724 billion manat, which is lower than the forecast figure for 2012 by 1.123 billion manat, or 5.1 percent, and 2.502 billion manat, or 10.8 percent less than actual performance in 2011.

Consolidated budget revenues will be generated from the revenues of the state budget of the country at 19.154 billion manat, revenues of the Nakhchivan Autonomous Republic at 332.7 million manat, the revenues of the State Oil Fund of Azerbaijan (SOFAZ) at 11.819 billion manat, the revenues of the State Social Protection Fund (SSPF) at 2.633 billion manat.

Expenditures of the consolidated budget in 2013 will amount to 24.46 billion manat, which exceeds the forecast figure for 2012 by 3.55 billion manat, or 17 percent, and the actual indicators of 2011 - by 6.919 billion manat, or 39.4 percent.

Expenditures of the consolidated budget will consist of state budget expenditures at 19.81 billion manat, expenses of the Nakhchivan Autonomous Republic budget at 332.7 million manat, expenses of SOFAZ at 13.599 billion manat, expenses of SSPF at 2.633 billion manat, expenses of projects funded by the foreign loans at 1.3 billion manat.

Consolidated budget deficit for 2013 is projected at 3.736 billion manat.

The official exchange rate on November 6 is 0.7849 AZN / USD.

Azerbaijani citizens can visit dozens of countries without visa - Henley&Partners
Azerbaijani citizens can visit dozens of countries without visa - Henley&Partners
Azerbaijan expects tourism sector to recover by summer
Azerbaijan expects tourism sector to recover by summer
Georgia sees decrease in number of Azerbaijani visitors
Georgia sees decrease in number of Azerbaijani visitors
Loading Bars
Uzbekistan to invest in viticulture dev't
Kazakhstan’s national postal service operator to buy consumables via tender
Uzbekistan continues ramping up flour, cereal exports
Mine explosion in Azerbaijan takes life of one more serviceman
Uzbekistan, Russia implementing numerous joint projects
Georgia reports 1,077 new cases of coronavirus for April 16
New Delhi a natural partner in shaping Indo-Pacific region: Australian PM Scott Morrison
Economist Intelligence Unit calculates 13 per cent growth for India, more than IMF prediction
Kazakhstan boosts exports to Russia over 2M2021
French Bouygues carries out construction of two new facilities in Turkmenistan
Azerbaijan's ADIF shares data on compensations paid to depositors of closed banks'
No point in discussing Nagorno-Karabakh problem in previous context - Russian expert
2021 to see over 3% increase in global gas demand
Georgia sees increase in hotel price index for March 2021
Kazakhstan unveils timeframe for large-scale crops sowing
Kazakhstan shares vehicle production data
Prices for precious metals up in Azerbaijan
Turkmenistan signs number of documents with international organizations
EBRD to invest in another project in Azerbaijan
National Bank of Georgia sells funds to stabilize lari exchange rate
Azerbaijan sees growth in retail turnover of ICT products from early 2021
IMF eyeing support to Kazakhstan's cybersecurity and risk management sectors
Iran - P5+1 on right track in Vienna talks - Deputy FM
Italian Senate delegation visits Azerbaijan's liberated Aghdam (PHOTO)
Islamic Solidarity Games-2021 may be postponed - Federation's Executive Committee
Azerbaijan’s pipeline gas deliveries set to increase by over 15%
1Q2021 volume of sold food products in Azerbaijan's trade network up
Denmark speeds up reopening as epidemic stabilises
Azerbaijan IT company monitoring performance of financial structures
Kazakhstan carrying out several projects to boost local cars manufacturing
Turkmen-Chinese partnership has potential in number of areas
European new car sales jump 87% year-on-year in March
Kazakh-German oil extracting JV opens tender for design documentation dev't
Azerbaijani oil prices disclosed
Azerbaijani gas among drivers of Eurasian output growth in Q1 2021
None of Armenian PM's statements worth meaningful comment - Azerbaijani MFA
Axpo plans to produce green hydrogen
Oil climbs to four-week high on strong China data, demand revival
Azerbaijani insurer reports profit growth year-on-year
Kazakhstan's trade structure with EAEU countries for 2M2021 unveiled
Azerbaijani currency rates for Apr.16
Azerbaijan shares footage from Aghdam's Baghbanlar village (VIDEO)
Azerbaijan records high demand for underwriting services in local capital market
Coca-Cola Amatil votes in favour of European bottler's $7.68 bln takeover deal
Share of Azerbaijani gas in Greece’s imports reach 18%
Armenia violating int'l legal principles by refusing to give up minefield maps - Chair of Azerbaijani Parliament
SOCAR announces time of starting gas injection into storages
Rostselmash talks plans on supply of agricultural machinery to Azerbaijan
Azerbaijan enhancing support to SMEs (PHOTO)
Co-op between Azerbaijan, Uzbekistan progresses in all areas - Chair of Azerbaijani Parliament (PHOTO)
Thailand reports record daily number of 1,582 coronavirus cases
Mine clearing operations continue in Azerbaijan's liberated Aghdam
COVID-19 negatively affects mobile segment in Georgia
Georgian mobile operator Silknet’s revenue to increase in 2021 - Galt & Taggart
Major Bulgarian imports from Georgia include copper ores and crude petroleum oils
Azerbaijan developing plan for sustainable business
Georgia implements significant reforms within IMF's Extended Fund Facility program
Japan's March exports grew at fastest pace in more than 3 years
Amazon needs to do better for employees - Bezos
Turkmenistan, Kazakhstan have potential for co-op in maritime transportation
Turkey's central bank holds key policy rate steady at 19%
2,656 new daily COVID-19 cases reported in Kazakhstan
Iran buys 60 million doses Sputnik V COVID-19 vaccine
Eurowings kicks off Dusseldorf-Tbilisi-Dusseldorf flights
Apple announces 200 mln USD fund in forestry projects to reduce carbon from atmosphere
U.S. replaces Britain to be largest source of Ireland's imported goods
Azerbaijan's AzerGold to fund creating test laboratory in Dashkasan
Daimler AG unveiled the electric Mercedes-Benz S-Class luxury sedan (PHOTO)
Canadian lawmakers call for action from U.S., Canadian leaders in pipeline dispute
Economic outlook is brightening - Fed's Mester
Antibiotics in development not enough to tackle 'superbugs' - WHO
China’s Geely targets slice of premium electric car market with ‘startup’ brand Zeekr
Kazakhstan to create concept for development of creative industries
Italy hikes 2021 budget deficit to 11.8% of GDP: source
Turkey registers more than 61 000 new coronavirus cases
IMF corrects estimate on Iran's foreign exchange bank reserves
Kazakhs Association founded in Japan
Turkey provided invaluable support to Azerbaijan in information war with Armenia - MP
Georgian Co-Investment Fund eyes to implements another energy project
Baku Metro opens tender to buy metal structures
Volume of lending to construction sector greatly increases in Azerbaijan
Net profit of Azerbaijani ASB Bank in 1Q2021 decreases
Azerbaijan eyes starting fish caviar export to Hong Kong in 2021
Aggregate capital of Azerbaijani ASB Bank grows
Georgia's Silknet maintains strong cash balance in 2020
Armenia confuses history with mythology again - Azerbaijani Foreign Ministry
Azerbaijani president congratulates president of Djibouti
Turkey leads among countries investing in Azerbaijan's non-oil sector (PHOTO)
Museums like War Trophy Park in Baku, open in many countries - Russian historian
Russia ready to assist in normalization of relations between Azerbaijan, Armenia
Azerbaijan has great opportunities for wind energy dev't - expert
Azerbaijani Foreign Ministry responds to statement of OSCE MG co-chairs
National Bank of Georgia sees decrease in international reserves
Various types of fabrics exported to Turkmenistan from EAEU countries
Kazakhstan's KMG Engineering to buy pump-compressors via tender
1Q2021 assets of Azerbaijan Industry Bank slightly down
Turkmenistan Railways opens tender for installation of surveillance cameras
Kazakhstan’s telecommunications operator to pay dividends for 2020
Kazakhstan’s Kazatomprom sells its solar energy subsidiary
Azerbaijan, Belarus discuss military-technical cooperation prospects
All news