Azerbaijan increases forecast on consolidated budget revenues by 14%
Baku, Azerbaijan, June 24
By Azad Hasanli – Trend:
Revenues of Azerbaijan’s adjusted consolidated budget for 2017 are forecasted to stand at 22.84 billion manats that is by 2.82 billion manats or 14.1 percent more than the approved budget, the country’s Finance Ministry said in a message.
According to the message, expenditures of the consolidated budget will amount to 29.8 billion manats that is by 1.05 billion manats or 3.7 percent more than the approved figures.
Revenues of the revised state budget are expected to stand at 16.766 billion manats that is by 511 million manats or 3.1 percent more than the initial forecast for 2017. Expenditures at forecasted to be 17.941 billion manats that is by 1.041 billion manats or 6.2 percent more as compared to the initial forecasts. Deficit of the state budget will total 1.175 billion manats (an increase of 530 million manats) that will be equal to 1.8 percent of Azerbaijan’s GDP forecasted for 2017.
The Azerbaijani parliament plans to discuss the adjusted state and consolidated budgets of the country on June 30. Earlier, Azerbaijan’s Finance Minister Samir Sharifov said that the revision of Azerbaijan’s state budget for 2017 is caused by the need to ensure the stability of the banking and financial systems, as well as the regulation of external and internal obligations of the country.
As part of the state budget’s revision, continued Sharifov, it is planned to increase the upper limit on external loan from 4 to 4.5 billion manats for the issue of Eurobonds by the International Bank of Azerbaijan.
According to the current law “On the State Budget of Azerbaijan for 2017”, revenues of the state budget are approved in the amount of 16.255 billion manats, expenses – in the amount of 16.9 billion manats. Budget forecasts are formed on the basis of the price of oil at $40 per barrel.
(1.7022 manats = $1 on June 24)