Azerbaijani state budget forecasts for 2016 made public (UPDATE)

Details added (first version posted on 17:29)

Baku, Azerbaijan, Sept. 14
By Azad Hasanli - Trend:

Revenues of the state budget of Azerbaijan for 2016 are projected at 14.566 billion manats, while expenses are expected to reach 16.264 billion manats, the ministry of finance said in a released state and consolidated budget drafts of the country for 2016.

The official exchange rate for September 14 is 1.0475 AZN / USD.

Revenues in 2016 are budgeted at 4.872 billion manats, or 25.1 percent less than the current year, and the expenditure part - by 4.836 billion manats, or 22.9 percent less than in 2015, according to the forecasts.

The budget deficit for 2016 is forecasted at 1.698 billion manats or 2.9 percent of GDP [its volume is set at 57.7 billion manats].

Budget revenues will be reduced by 25.1 percent in comparison with the expected rate for 2015, and decline by 20.84 percent in comparison with the actual index in 2014. State budget expenditures will be reduced by 22.9 percent compared to 2015 [taking into account expectations] and by 13.07 percent compared to 2014.

A 53.5 percent reduction of the share of oil sector in general budget revenues compared to the expected level of 65.3 percent in 2015 is expected in 2016, while in 2014 the figure was 66 percent.

In the structure of revenues, incomes via the Taxes Ministry are expected to reach 6.602 billion manats (with a 7.2 percent decrease compared to the expected rate for 2015), the State Customs Committee - 1.59 billion manats (unchanged), the State Oil Fund - 6 billion manats (a 42.2 percent reduction), the State Committee on Property Issues - 7 million manats (unchanged), via non-budget revenues of budget organizations - 305 million manats (a 1.7 percent increase), other incomes - 62 million manats (a 51.2 percent increase).

In the structure of budgetary expenditures, it is planned to allocate 1.837.8 billion manats (with a 3.3 percent growth) on military spending and 1.713.5 billion manats (with a 0.1 percent growth) on education.

The following expenditures will be reduced: on capital investment - by 48.7 percent, up to 3.554.8 billion manats, in industry and construction sphere - by 48.5 percent, up to 3.578.9 billion manats, health - 4.2 percent, up to 744.9 million manats, social protection and social security - by 7.1 percent, up to 1.896.6 billion manats, science - 12.5 percent, up to 131.7 million manats, the prosecution, judiciary and law enforcement agencies - by 7, 2 percent, up to 1.138.8 billion manats, etc.

Revenues of the consolidated budget for 2016 are forecasted at 16.720.1 billion manats, while expenses - at the level of 19.906.5 billion manats.

The budget revenues are formed taking into account the oil price at $50 per barrel and the exchange rate of the Azerbaijani manat against the US dollar at 1.05 manats, according to the draft.

Edited by CN

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