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Azerbaijan eyes to increase forecasts on state budget revenues, expenditures for 2018

Business Materials 12 June 2018 18:35 (UTC +04:00)
Azerbaijan plans to increase forecasts on revenues and expenditures of the country’s state budget for 2018
Azerbaijan eyes to increase forecasts on state budget revenues, expenditures for 2018

Baku, Azerbaijan, June 12

By Anvar Mammadov - Trend:

Azerbaijan plans to increase forecasts on revenues and expenditures of the country’s state budget for 2018, according to the draft amendments to the “Law on the State Budget for 2018” submitted to the Azerbaijani parliament.

In accordance with the draft, there are plans to increase state budget revenues by 1.983 million manats (9.9 percent) to 22.110 million manats, expenditures - by 2.014 million manats (9.6 percent) to 23.061 million manats. The state budget deficit will be 951 million manats (an increase of 31 million manats), which will be equal to 1.3 percent of the expected GDP of Azerbaijan in 2018.

The revenues of Azerbaijan’s adjusted consolidated budget for 2018 are forecast at 28,086.8 million manats, which is by 3,981.1 million manats, or 16.5 percent more than the approved budget. The consolidated budget expenditures will amount to 26.537 million manats, which is by 1,600.2 million manats, or 6.4 percent more than the approved figures.

In accordance with new forecasts, the previously approved deficit of the consolidated state budget in the amount of 831.1 million manats will be replaced by a surplus of 1,549.8 million manats.

The budget forecasts were adjusted considering oil price at $55 per barrel. The base price for oil set in the state budget for this year is $45.

Revenue part of the 2018 state budget is forecast to total 20.127 billion Azerbaijani manats (including centralized revenues in the amount of over 19.473 billion manats, local revenues in the amount of 653.350 million manats), while expenditures are expected to amount to 21.047 billion manats (including centralized expenditures in the amount of over 20.323 billion manats, local expenditures in the amount of 723.925 million manats).

(1.7 manats = 1 USD on June 12)

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