Azerbaijan, Baku, 23 May / Trend, M. Aliyev /
Despite the global financial crisis, the main indicators, targets and objectives of the state budget of Azerbaijan for 2012 have been successfully completed, chairman of the Economic Policy Committee of Milli Mejlis Ziyad Samadzadeh said at a committee meeting.
The committee was discussing the draft law on the execution of the state budget for 2012.
"Successful execution of the budget says much about the harmony of the economic life of the country," Samadzadeh said.
Finance Minister Samir Sharifov pointed out in his speech at the meeting that successful execution of the state budget for 2012 has created the conditions for maintaining macroeconomic stability, increasing incomes and improving the economic strength of the state. According to him, the rate of income growth is several times higher than the rate of inflation.
"Foreign exchange reserves of the country in the last year amounted to $46.5 billion, an increase of 14 percent. Budget revenues increased by 102.3 percent and expenditures - by 96 percent. Budget surplus amounted to $23 billion, four times higher than the forecast rate," Sharifov said.