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Azerbaijan talks expenses amid COVID-19, saved budget funds

Finance Materials 11 June 2020 14:15 (UTC +04:00)
Azerbaijan talks expenses amid COVID-19, saved budget funds

BAKU, Azerbaijan, June 11

By Fidan Babayeva - Trend:

One-time use funds, saved during the execution of Azerbaijan's state budget in 20120, may be transferred to the reserve fund of the state budget, and spent on financing other activities in 2020, Executive Director of the Center for Analysis of Economic Reforms and Communications of Azerbaijan (CAERC) Vusal Gasimli, Trend reports.

“The expenses formed due the COVID-19 pandemic, as well as the affect of the temporary tax regime on income, are being analyzed. This allows taking into account the pandemic’s consequences in the execution of the state budget,” he said.

In 2019, with the implementation of the revolutionary social package, the one-time savings of about 1.4 billion manat ($823.5 million) were transferred to the state budget’s reserve fund, Gasimli said.

“The amount of funds of the reserve fund is determined in the amount of not more than 5 percent of the state budget’s revenue side, taking into account the actual execution of the expenses of this fund for the previous year,” noted Gasimli.

(1 USD = 1.7 manat on June 11)

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