Azerbaijan's 2007 Budget Statement Submitted to Parliament

Business Materials 4 November 2006 11:54 (UTC +04:00)

The Permanent Parliamentary Commissions on Economic, Agricultural, Social Policy, Natural Resources and Energy, Security and Defence, and Human Rights recommended to submit the Budget Statement of the next year to the Milli Majlis (Parliament) for further consideration during the nearest parliamentary sitting, Trend reports.

According to Samir Sharifov, Azerbaijan's Finance Minister, the revenues of the State Budget in 2007 are expected at the level of 5335.7 mln. AZN (at a growth by 39.1%), its expenditures 5714.7 mln. AZN (42%). In the structure of the profitable part of the Budget, 3980 mln. AZN are to be ensured within the Taxes Ministry of the Country, 630 mln. AZN the State Customs Committee. Taking into account the budgets of SOFAZ (State Oil Fund of Azerbaijan) and the State Population Social Protection Fund, the revenues of the consolidated budget are to be reach 17513.4 mln. AZN, its expenses 17306.4 mln. AZN. According to the Minister, it is for the first time in the consolidated budget when the expenditures on external credits have been put at the level of 348.5 mln. AZN.

Mr. Sharifov told about the intention to continue carrying out the policy on strengthening the population social protection. For this purpose, the State Budget envisages 271 mln. AZN to increase the minimum amount of the wage, 78 mln. AZN to raise social aid, 248.6 mln. AZN to raise the basic labour pension, 12 mln. AZN to raise the hardship allowances, and - 54 mln. AZN to raise the wages of the state employees. The Government is also about to raise the minimum cost of living in the country from the existing 30 AZN to 64 AZN.

About 2.32 bln. AZN (at a growth by 47 vpercent) are envisaged to be spent on socially-directed expenses, while 1.439 bln. AZN (53.5%) are envisaged to domestic investments to the economy of the country. In 2007, the Finance Ministry will commence implementing state expenditures on the basis of task programs for the first time.