The Azerbaijani Parliament began its discussions of the 2007 State Budget, Trend reports. The Finance Minister of Azerbaijan, Samir Sharifov, informed the deputies about the expected results of the macro-economical indicators till the end of 2006. The volume of the gross domestic product (GDP) is expected to equal AZN 18,1 bln, with an increase of 26% that is a record figure in the world, the Minister considers.
According to the Minister, next year the GDP oil sector growth is expected to be at a level of 45% and non-oil sector at 9%.
The income from the oil sector to the revenue section of the 2007 state budget will traditionally take preference and their specific gravity will equal 56%. The income from the non-oil sector will be mainly formed at the expense of the taxation, Sharifov said.
Generally the revenue section of the budget is forecasted in amount of AZN 5 bln 336 mln, an increase of AZN 1,5 bln from the forecasts of 2006. 74,6% of the budget incomes will be formed at the expense of the Taxes Ministry and 11,8% - State Custom Committee.
According to the Minister, the budget expenditure will firstly be directed towards main programs, and whilst developing the budget, its social and investment directions will be taken into consideration. Within the 2007 state budget, it planned to deliver the minimum salary and base section of the pension to AZN 50.
In addition, the expenditure section of the budget has allocated AZN 80 mln to the National Fund for Entrepreneurship Development and AZN 20 mln to the Mortgage Fund.
An amount of AZN 1.8 bln has been planned for state debts, with AZN 180 mln internal and AZN 1.6 bln external. The amount of the external debt is $226 per capita and this figure is not contrary to the standards of the external debts adopted in the world, the Minister concluded.