BAKU, Azerbaijan, Aug.5
By Elchin Mehdiyev - Trend:
Preventive measures taken by the Azerbaijani state have helped to significantly avert the deepening of negative processes in the economy caused by the coronavirus pandemic, Finance Minister of Azerbaijan Samir Sharifov said.
Sharifov made the remark during discussion of amendments to the budget for 2020 at Azerbaijani parliament’s session on August 5, Trend reports.
The minister noted that despite this, certain threats still remain, which are mainly associated with a reduction in state budget revenues.
According to him, there the decrease is forecasted in income tax and customs duties from the oil sector.
The total estimated drop amounts to 890 million manat ($523.5 million).
Sharifov added that revenues of the State Oil Fund of Azerbaijan are also forecasted to decline.
He pointed out that in this regard, appropriate amendments are being made to the state budget to create a sufficiently flexible financial cushion and neutralize the possible threats.
The minister stressed that in the current situation, the government plans to increase the expenses to a certain level instead of cutting them in order to prevent negative developments.