Azerbaijan increases 2017 budget revenue, expenditure forecasts
The Azerbaijani Parliament has approved the amendments to the “Law on State Budget of 2017”.
Revenues in the revised state budget are forecast at 16.766 billion Azerbaijani manats, which is 511 million manats or 3.1 percent more than the initially approved forecast. Expenditures are expected to stand at 17.941 billion manats, 1.041 billion manats or 6.2 percent more than the initial forecast. Deficit of the state budget is forecast to stand at 1.175 billion manats (an increase by 530 million manats), which accounts for 1.8 percent of the expected GDP of Azerbaijan in 2017.
Meanwhile, the uppermost limit on external loan has been elevated by 4 billion manats – up to 4.5 billion manats – in connection with the issue of Eurobonds by the International Bank of Azerbaijan (IBA).