Weekly economic review (May 21 - 26)

The Accounting Chamber of Azerbaijan discussed and approved the conclusion of the draft law on amendments to the state budget for 2012. Under the amendments, revenues and expenditures of the state budget will increase by 600 million manat and amount to 17.038 billion manat, and 17.672 billion manat, respectively.

To this end, by order of the President, funds amounting to 20 million manat were allocated from reserve fund of the state budget of 2012. According to preliminary estimates, in 2012, it would require 350 million manat.

The main reason for adjusting the budget projections is in accordance with the instructions of the President of Azerbaijan, is providing additional funding to cover the damage caused by the earthquake to population and socio-economic infrastructure of Zagatala, Gakh and Balakan regions in the north-west of the country.

Furthermore, additional funds will be directed to complete the work to eliminate the effects of the large scale disaster in the territory of the Sabirabad and Salyan district flooed when the Kura and Araz rivers overflowed after torrential rains, floods and excessive rain in some parts of the country such as Saatli, Imishli, Neftchala, Hajigabul, Shirvan , Zyardab, Kurdamir, Salyan, Sabirabad and Shamakhi, as well as the purchase of special purpose vehicles and equipment for the adoption of preventive measures and to avert possible disasters and emergencies and to implement the relevant measures in landslide areas in a number of areas of Baku and elsewhere.

On completion of these works in 2012 50 million manat will be allocated. Adjustment of state budget provides for additional funding for the reconstruction of social and communal infrastructure of Baku and other regions in the amount of 95 million manat and strengthening the military potential of the country - 45 million manat.

Funds amounting to about 690 million will be required to fund all of these works, which created the need to revise budget forecasts for 2012.

Thus, the share of government revenues in GDP will grow by 5.1 percent, compared with the actual measure-up in 2011, to 36.5 percent and spending - by 7.1 percent to 37.9 percent.

An increase in government revenues by 600 million manat will be achieved through additional tax revenues on oil and non-oil sectors of the economy. The rest of the necessary funds in the amount of 90 million manat will be provided at the expense of some of the expenditure of budget in 2012. We are talking about reducing the costs of servicing the public debt of 50 million manat and non-budget expenditures of budgetary organizations - by 40 million manat.

Rising oil prices on world markets contributes to increase in the income of the State Oil Fund of Azerbaijan (SOFAZ) additionally by 3.625 billion manat, which will increase incomes of the consolidated budget for 2012 by 19.9 percent. New projections for oil prices are taken into account when projections for revenue on the oil sector change.

As a result of the growth of budget revenues, the consolidated budget expenditures will increase by 705 million manat or 3.5 percent. Thus, the consolidated budget surplus is projected at 938 million manat, whereas previously it was set with a deficit.

As of April receipts for AMOC income tax amounted to 702 million manat, while the annual target amounted to 810 million. n addition, according to our estimates, State Oil Company (SOCAR) will pay an additional 30 million manat in 2012 due to the difference between domestic and export price of oil.

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