Azerbaijan increases 2018 state budget revenues, expenditures (UPDATE)

Details added (first version posted on 13:54)

Baku, Azerbaijan, June 29

By Anvar Mammadov, Elchin Mehdiyev - Trend:

Azerbaijan's parliament has approved the draft amendments to the Law on the State Budget for 2018.

Thus, forecasts on revenues of the country’s state budget for 2018 are increasing by 1.983 billion manats (9.9 percent) to 22.110 billion manats and expenditures are increasing by 2.014 billion manats (9.6 percent) to 23.061 billion manats. The state budget deficit is forecast at 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.

Revenues from the Ministry of Taxes are decreasing by 527 million manats, and revenues from the State Customs Committee are increasing by 785 million manats.

In addition, SOFAZ (State Oil Fund of Azerbaijan) transfer to the state budget is increasing by 1.75 billion manats.

In the expenditures part, defense expenditures have been increased from 2.739 billion manats to 2.905 billion manats, as well as social expenditures were also raised.

The Azerbaijani government will also allocate 963.2 million manats for Azerbaijan’s state oil company SOCAR to finance operations at a number of fields and support for Azerenerji OJSC.

Some 663.2 million manats of this amount will be spent on increasing the authorized capital of SOCAR, which will allocate these funds to finance drilling operations at the Umid, Karabakh and Babek fields. The remaining funds (300 million manats) will be allocated for subsidizing Azerenerji OJSC.

In addition to these funds, Azerenerji OJSC will receive 81.4 million manats to cover its obligations to the Finnish Wartsila company as part of the equipment purchase for the thermal power plant near the Sangachal Power Plant and for provision of technical support in this regard.

The revenues of Azerbaijan’s adjusted consolidated budget for 2018 are forecast at 28,086.8 million manats, which is 3,981.1 million manats or 16.5 percent more than the approved budget. The consolidated budget expenditures will amount to 26.537 billion manats, which is 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 was $45.

(1.7 manats = $1 on June 29)

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Follow the author on Twitter: @Anvar_Mammadov

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