One-third of investment spending to be stashed away
1.6 billion manats ($2 billion) out of 4.7 billion
manats designated in Azerbaijan`s 2009 budget for state spending on
investments will be used as hedge funds.
Some analysts claim the non-distribution of one-third of the earmarked amount runs counter to the Law on Budget System and describe the government`s move as a precautionary measure.
Rovshan Aghayev, deputy head of the Assistance to Economic Initiatives public union, says that due to the world financial crisis, the amount set aside may not be spent at all. It is not ruled out that the measure will be legalized in parliament in the future as a reduction of budgetary expenses or as an anti-crisis package.
Of note, about 80% of this year`s investment spending will be channeled into the implementation of projects that were created in recent years.
Some analysts claim the non-distribution of one-third of the earmarked amount runs counter to the Law on Budget System and describe the government`s move as a precautionary measure.
Rovshan Aghayev, deputy head of the Assistance to Economic Initiatives public union, says that due to the world financial crisis, the amount set aside may not be spent at all. It is not ruled out that the measure will be legalized in parliament in the future as a reduction of budgetary expenses or as an anti-crisis package.
Of note, about 80% of this year`s investment spending will be channeled into the implementation of projects that were created in recent years.
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