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Azerbaijani gov't announces 2014 draft budget figures

9 October 2013 14:47 (UTC+04:00)
Azerbaijani gov't announces 2014 draft budget figures

By Aynur Jafarova

Investment in Azerbaijan's economy will amount to 18.415 billion manats in 2014, exceeding the forecast for this year by 2.9 percent, according to the draft of the state budget for the next year published by the Finance Ministry.

The share of domestic investments will hit 70.4 percent.

Some 68.5 percent of the investments will be spent on the non-oil sector.

According to the document, around 40 million manats will be allocated from the state budget to the Azerbaijan Mortgage Fund (AMF) in 2014. i.e. the same as in 2013.

The amount of funds accumulated in the fund will reach 216 million manats.

The foreign debt limit in Azerbaijan's state budget in 2014 increased 2.67 times compared to 2013.

Whereas the foreign debt limit in the budget of 2013 is set at 750 million manats, it will increase to 2 billion manats in 2014. The domestic debt limit was set at 1.2 billion manats.

According to the draft budget, the projected surplus of the 2014 budget of Azerbaijan's state oil fund SOFAZ will amount to 335.1 million manats.

SOFAZ's incomes are predicted at 11.63 billion manats, while the expenditure is expected at 11.29 billion manats.

Furthermore, revenues and expenditures of the State Social Protection Fund in 2014 will constitute 2.93 billion manats, which is 11.23 percent more than in 2013.

According to the draft budget, spending of the fund will increase 11.2 percent or 295.8 million manats.

The 2014 draft budget will keep the funds allocated to the National Fund for Entrepreneurship Support under the Economic Development Ministry at the level of 2013.

In 2014 the fund will receive 150 million manats from the state budget.

The fund plans to allocate loans worth 250 million manats in 2013 and 275 million manats in 2014. These funds will be used for the development of small and medium entrepreneurship, expansion of financial support through preferential loans, development of the production and processing sectors on the basis of new technologies as well as financing infrastructure projects.

In 2014 Azerbaijan will spend 121.4 million manats on the transport and communications sectors, according to the budget draft. The figure is 8.7 percent or 9.8 million manats more than in 2013.

According to the draft budget, 50.8 percent or 9.3 billion manats of the budget revenues will come from SOFAZ in 2014.

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