Azerbaijan’s Public Budget Fulfilled with Surplus in 1Q

Business Materials 14 April 2007 15:03 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / Samir Sharifov, the Azerbaijani Finance Minister, stated to a meeting of the government presided by the Azerbaijan President that in the first quarter of 2007 the 2007 public budget incomes were fulfilled 96.9% and comprised AZN 1,088bln.

The incomes rose 58.3%, or AZN 400.4mln as compared to last year.

In the first quarter of 2007 the Taxes Ministry fulfilled the forecasts by 94.7% and tax collection was up 87.6% as compared to 2006 (AZN 364.5mln). The State Customs Committee's remittances to the public budget rose 31.8% (AZN 40.2mln) and the forecast was fulfilled by 101.7%.

Payments by the State Oil Fund of Azerbaijan to the public budget were 112.5mln manats, which corresponds to the target. The remittances by the non-budget organizations made up AZN 20mln, or 1.7mln manats more as compared to the first quarter of last year.

The public budget expenses comprised AZN 834mln amid execution of the budget by 74.1%. The public expenses were carried out 25.6% (AZN 170mln) more as compared to 2006.

Expenses for social security and protection rose 127.5% as compared to 2006, culture - 48.6%, health - 35.1%, education - 23.7%, public utilities - 22.3%, agriculture - 8%.

Some 38.7% of expenses (AZN 323.1mln) was directed at social measures, which is 60.8% more as compared to last year (AZN 122.2).

Despite, non-fulfillment of the forecast on expenses and revenues, the public budget was implemented with a surplus of AZN 254mln.