Parliament of Azerbaijan Should Adopt a Law on Financial Control : Parliamentarian
Azerbaijan, Baku / corr. Trend U.Ismaylova / The Azerbaijani parliamentarian, Vahid Ahmadov, said on 30 May at the National Budget Group's press conference on the State budget of Azerbaijan approved last week that the Parliament of Azerbaijan should adopt a law on Financial Control.
On 25 May the Parliament of Azerbaijan passed amendments to the 2007 State budget. The amendments envisage the increase of the budget deficit up to AZN 544 mln or 2.4% of the GDP.
Ahmadov said that research undertaken had discovered differences between the facts and forecasts of the State budget which testifies incorrect control of the capital. "Formerly the budget of the Country amounted to only AZN 300-350 mln, but now, the capital expenditure totals nearly AZN 2 bln. It is a huge amount and should be controlled to avoid corruption," he said. In addition, Ahmadov highlighted the impact of the oil factor on the State budget, which equaled 58.5% in 2006 and 54% in 2005.
The oil factor in the economy still remains in the lead for obvious reasons. Establishing non-oil areas and receiving additional revenue from them takes nearly 5-6 years all over the world.
Ahmadov said that the negative impact of the one-sided development of the Country's economy due to the oil factor will be felt in the internal market of the Country in the near future.