Azerbaijani budget to receive additional $600 mln due to new oil prices
Azerbaijan, Baku, May 29 /Trend A.Akhundov/
The increase in the oil price forecast from $80 to $100 per barrel have increased the forecasted tax revenues from the oil sector by 500 million manat, Finance Minister Samir Sharifov said on Tuesday. The budget will received the new funds.
The forecasted increase will be achieved through increasing tax revenues in the oil sector by 500 million manat and in the non-oil sector by 100 million manat, the minister said.
He said the forecasted increase will grow SOFAZ revenues by 3.625 billion manat. Under the amendments, revenues and expenditures of the state budget will increase by 600 million manat and amount to 17.038 billion manat.
Thus, the share of government revenues in GDP will grow by 5.1 percent, compared to 2011, to 36.5 percent, spending - by 7.1 percent to 37.9 percent.
The official exchange rate on May 29 is 0.7858 AZN/USD.