Azerbaijan's consolidated budget revenues rise by 9 pct
By Abdul Kerimkhanov
Azerbaijan’s consolidated budget revenues increased by 9.4 percent year-on-year in 2019, amounting to 33.8 billion manats ($19.88 billion), while the amount of expenditures was 26.5 billion manats ($15.6 billion), the Finance Ministry reported in its official website.
During the broad meeting on the results of 2019 and the tasks facing the ministry in 2020 held on February 5, it was noted that the consolidated budget surplus was equal to 7.3 billion manats ($4.3 billion), which is 2.9 times above the forecast.
At the same time, in 2019, the state budget revenues were executed at 24.2 billion manats ($14.2 billion), or 4.5 percent more than the approved forecast, while expenses were 24.4 billion manats ($14.35 billion) or three percent less.
The state budget deficit was 207.0 million manats ($121.76 million) while the forecast was $2 billion manats ($1.18 billion). Significant contraction of the state budget deficit was primarily connected with the implementation of forecasts by the tax and customs authorities on budget revenues, as well as the cost savings.
Another important element of the state budget for 2019 was the implementation of the Presidential Decree signed by the head of state on the resolution of problem loans worth 640 million manats ($376.5 million) and covering 593,000 individuals.
At the meeting, the tasks for the Finance Ministry in 2020 include the preparation of the state and consolidated budget projects for 2021 and the summary budget indicators for the next three years and their submission in accordance with the dates set out in the Budget System Law.
It was noted that the Action Plan, which consists of 39 items, has been approved to prepare 2021 state and consolidated budget projects and the summary budget indicators for the next three years.
In addition, ensuring the implementation of the state's financial resources in line with programs and strategic goals, the budgeting of public authorities on the basis of expected results from these agencies, the clear determination of the main results, the accelerated implementation of medium-term expenditure frameworks, and the transition to a cost-effective mechanism were also discussed during the meeting.
In line with the presidential decree, 2020 is defined as a pilot period, while the functional classification of budget expenditures - the Education, Agriculture and Environmental Protection sections are determined as pilot sectors.
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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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