BAKU, Azerbaijan, May 16
By Nargiz Ismayilova - Trend:
Consolidated budget expenditures of Azerbaijan were executed for 96.8 percent and stood at 26.5 billion manat ($15.5 billion) in 2019, Trend reports citing the report on the state budget execution for 2019.
Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget amounted to 11.3 billion manat ($6.6 billion).
At the same time, the share of the non-oil basic deficit of consolidated budget in non-oil GDP amounted to 31.1 percent, which is less compared to the corresponding indicator of 2018 (33.2 percent).
The upper limits of the consolidated budget expenditures for 2019 and transfers from the SOFAZ to the state budget were calculated in accordance with budget rules and approved in the amount of 27.3 billion manat ($16 billion) and 11.3 billion manat ($6.6 billion), respectively.
In 2019, the budget of SOFAZ envisaged an average annual export price of crude oil at about $60. Oil prices in international markets were higher than this indicator, and the average selling price was $64. This, in turn, created favorable conditions for the effective fulfillment of the saving functions of SOFAZ, as well as the growth of foreign exchange reserves.
(1 USD = 1.7 manat on May 16)
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