Growth in Azerbaijan's budget deficit to be covered

Growth in Azerbaijan's budget deficit to be covered

BAKU, Azerbaijan, Aug.4

By Eldar Janashvili - Trend:

Deficit in Azerbaijan’s state budget, which will to be revised, will increase by 608 million manat ($357.6 million) in 2020 compared to the indicator approved earlier, Trend reports referring to the сountry's Ministry of Finance.

According to the ministry, the forecast state budget deficit will make up 3.368 billion manat ($1.98 billion), or 4.9 percent of the total gross domestic product expected at the end of this year.

The increase in the deficit will be covered by free balances of the state budget in the amount of 455 million manat ($267.6 million) and revenues from the placement of securities worth 190 million manat ($111.7 million), which are not forecasted to be used at the expense of the single treasury account, operating as of January 1, 2020.

According to the approved forecast, revenues of the revised consolidated budget of Azerbaijan will decrease by 5.68 billion manat ($3.3 billion) or 20.6 percent and make up 21.87 billion manat ($12.8 billion), while expenses of the consolidated budget will grow by 820.2 million manat ($482.4 million) or 2.8 percent and amount to 30.308 billion manat ($17.8 billion).

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