Funding for socially oriented expenditures up in Azerbaijan

Finance Materials 19 February 2021 16:38 (UTC +04:00)
Funding for socially oriented expenditures up in Azerbaijan

Baku, Azerbaijan, Feb. 19

By Zeyni Jafarov - Trend:

The state spending played an important role in supporting the domestic demand in Azerbaijan in 2020, Trend reports on Feb. 19 with reference to the review of the monetary policy of the Central Bank of Azerbaijan (CBA).

Azerbaijan's state budget expenditures at the end of 2020 amounted to 26.4 billion manat ($15.5 billion), which is by 8.2 percent more than in 2019.

In accordance with the economic classification, state budget expenditures worth over 9.6 billion manat ($5.6 billion) or 36.5 percent were directed to the financing of the socially oriented expenditures (wages fund, scholarships and social benefits, spending on medicines and food). This figure shows an increase of 24.4 percent or $1.9 billion compared to 2019.

The investments in the Azerbaijani economy as of 2020 amounted to 17 billion manat ($10 billion), having decreased by 8.3 percent for the year. A total of 41.6 percent of investments accounted for the public sector while 58.4 percent - private sector.

As of 2020, the state budget expenditures are estimated at 29.2 billion manat ($17.2 billion) while revenues at 24.5 billion manat ($14.4 billion). As a result, a deficit of 4.7 billion manat ($2.8 billion) was formed in the budget.


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