IMF recommends Azerbaijan to reduce non-oil budget deficit
Azerbaijan, Baku, 12 March / Trend, A. Akhundov /
The International Monetary Fund (IMF) recommends that Azerbaijan reduce its non-oil budget deficit.
This was stated by the IMF's departmental adviser for the Middle East and Central Asia (MCD), Raja Almarzoqi at a press conference on the outcome of the IMF mission's visit to Baku.
The IMF mission to Azerbaijan led by Almarzoqi is on a visit to Baku from February 26. The main purpose of the visit was to conduct consultations with the Azerbaijani government under Article IV of the Agreement 'On the creation of the IMF'.
"If the plans for conservation of large budget will be executed in the future, it will increase Azerbaijan's reliance on oil and also cause concerns about the effectiveness of the state budget. Reduction of government spending, avoidance of budget adjustments in the middle of the year and prevention of tax evasion will allow the private sector to develop by its own forces and gradually eliminate negative aspects of the fiscal sphere," Almarzoqi said.
State budget revenues in 2012 were exploited at 101.4 percent to 17.3 billion manat, expenses - to 17.1 billion manat, or at 96.7 percent of the forecast.
State budget revenues for 2013 are projected at 19.159 billion manat, expenses - at 19.85 billion manat, and deficit - at 691 million manat.
The official exchange rate on March 12 is 0.7849 AZN / USD.