Last week’s laws, orders and decrees in Azerbaijan (Dec. 26-30)

Analysis Materials 30 December 2016 16:10 (UTC +04:00)

Ilham Aliyev approves Law on 2017 State Budget

Azerbaijan’s President Ilham Aliyev has approved the Law on 2017 State Budget.

The law projects the state budget revenues for 2017 at 16.255 billion manats and expenses at 16.9 billion manats.

The upper limit of the state budget deficit was approved at 645 million manats.

The upper limit of the consolidated budget expenses was approved at 28,767,221,600 manats.

Proceeds from privatization, proceeds from the EU grant (20 million manats), internal and external borrowings as well as the treasury account balance in Azerbaijan’s state budget as of Jan. 1, 2017 have been set as the sources for financing the state budget deficit.

Excluding the revenues of Azerbaijan’s State Oil Fund, the country’s consolidated budget deficit is set at about 17.117 billion manats for 2017.

Azerbaijani State Social Protection Fund’s budget for 2017 approved

Azerbaijan’s President Ilham Aliyev has approved the law on budget of the relevant social structure carrying out social assistance and security for 2017.

This structure is the country’s State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of Population.

Revenues and expenditures of the State Social Protection Fund have been approved at the level of 3.4 billion manats for 2017.

The fund’s revenues have been mainly formed by the revenues on compulsory deductions for social insurance in the volume of 2.125 billion manats.

It is planned to use 3,213,820 manats for the payment of labor pensions in 2017.