Azerbaijan to introduce new mechanism for managing state funds
By Trend
A new electronic mechanism for the transparent management of state funds and their efficient distribution will be introduced in Azerbaijan in the next two years.
This is reflected in the action plan approved by President of Azerbaijan Ilham Aliyev for increasing favorability of the business environment in the country.
Under the plan, annual reports on receipt and expenditure of state funds will be discussed by independent international and local experts, civil society and inspection bodies. Foreign experts alongside local ones will be invited to audit the state budget.
Meanwhile, the plan says Azerbaijan’s government will continue the state budget consolidation in 2017.
Revenues of Azerbaijan’s 2017 state budget were approved at 16.255 billion manats and expenses at 16.9 billion manats. Budget projections are based on the oil price of $40 per barrel. The Azerbaijani government expects the state budget deficit to be at the level of 645 million manats in 2017.
The International Monetary Fund forecast Azerbaijan’s GDP to be 59.7 billion manats in 2017.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!