Cabinet submits state budget for 2015 to president
By Aynur Jafarova
Azerbaijani Cabinet of Ministers discussed the state budget for 2015, the drafts of consolidated budget, the forecasted indicators of state and consolidated budgets for the next three years, as well as the concept of socio-economic development of the country.
The discussions were held at a meeting held on September 23 under the chairmanship of Azerbaijani Prime Minister Artur Rasizade.
Opening the meeting, the prime minister said the draft state budget was developed given the achievements reached as a result of rapid economic development of the country under the leadership of President Ilham Aliyev and the trends observed in the global economy.
Special attention in drafting state budget was paid to improving the living standards of the population, increasing the country's military might, ensuring its economic, energy, food security.
Following the discussions, the ministers decided to submit the budget package to the president of Azerbaijan.
The official exchange rate on September 23 was 0.7844 AZN/USD.
Azerbaijan's budget revenues and expenses for 2014 were projected to be 18.384 billion manats and 20.063 billion mantas, respectively.
In 2014, the revenues were expected to be 775 million manats lower than the figures in 2013, while the budget deficit was seen to hit 1.679 billion manats, compared to 691 million manats for 2013 and the actual figure of 135 million manats for 2012.
Revenues of the consolidated budget for 2014 were estimated at 21.986 billion manats which exceeds the forecasted figure for this year by 1.257 billion manats, and the actual 2012 budget performance by 352.5 million manats.
Expenditures are forecasted to amount to 24.444 billion manats, which is 56 million manats lower than the predicted figure for this year and 5.982 billion manats higher than the actual 2012 budget performance.
The consolidated budget deficit is projected to be 2.458 billion manats, making up 4.2 percent of the projected GDP.
The growth of local revenues in the draft budget for 2014 was projected to be 11.9 percent -779 million manats. Compared to the actual figure for 2012, the growth of local revenues in 2014 was 46 percent.