Azernews.Az

By Ayya Lmahamad

The volume of Azerbaijan's estimated consolidated budget revenues for 2021 have increased year-on-year by 6.6 percent or AZN 1.4 billion ($823.5M) to reach AZN 23.8 billion ($13.9bn), the Finance Ministry has reported.

The consolidated budget expenditures, however, are projected to amount AZN 31.1 billion ($18.2bn), which is by 2.8 percent or AZN 855.1 million ($502.9M) more than in 2020. Thus, the deficit of the consolidated budget for 2021 are projected at AZN 7.3 billion ($4.2bn), which is by 7.7 percent or AZN 610.1 million ($358.8M) less than in 2020. In addition, the deficit will amount to 9.7 percent of the projected GDP.

Moreover, state budget revenues for 2021 are projected at AZN 25.4 billion ($14.9bn), which is 33.6 percent of the GDP. In the meantime, state budget expenditures are projected at AZN 2.8 billion ($1.6bn), or 37.7 percent of GDP.

The current expenditures included in the structure of state budget expenditures for the next year amounted to 63.1 percent or AZN 18 billion ($10.5bn) of the total expenditures, 29.2 percent or AZN 8.3 billion ($4.8bn) of capital expenses and 7.7 percent or AZN 2.1 billion ($1.2bn) expenses connected with servicing the state debt.

Furthermore, social expenditures, which includes total expenditures for salaries, pensions and benefits, purchase of medicines, bandages, food in accordance with the economic classification of budget expenditures, of the state budget for 2021 are projected at AZN 11.1 billion ($6.5bn), which is by 5.3 percent or AZN 563.8 million ($331.6M) more than in 2020.

Likewise, the upper limit of the state budget deficit for the next year is projected at AZN 3.1 billion ($1.8bn).

The deficit will be financed by revenues from privatization, internal and external borrowings, the balance of the single treasury account of the state budget on January 1, 2021.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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