Budget revenues to go up
Revenues of Azerbaijan’s approved state budget for
2010 will be increased 15%, Finance Minister Samir Sharifov told a
parliamentary committee during a debate on proposed changes and
addenda to the country’s budget.
According to Sharifov, budgetary revenues will rise by 1.490 billion manats ($1.862 billion). 1bn manats of the amount will be contributed by the State Oil Fund (SOFAR), the body that holds Azerbaijan’s revenues from crude exports, while 490 million manats will come from the Ministry of Taxes.
608m manats of the amount will be spent on investments, while 300m manats on eliminating the aftermath of floods. Moreover, 99.3m manats will be directed to social purposes, and 14.5m manats to other fields, including science, education, culture, arts, and healthcare.
Budgetary expenses will go up 1.011 billion manats ($1.263 billion).
Thus, revenues of the state budget will amount to about $14.381bn, while expenses will be set at $15.343bn. On account of the proposed increase in revenues, the budget deficit will decrease and stand at around $962m.
$500m of the additional expenses is to be allocated for defense and security. The initial version of the 2010 budget had set defense spending at around $1.507bn.
The draft of amendments to the budget determined the oil price at $60 a barrel -- higher than the figure set in this year’s budget, which was at the level of $45.
World crude prices have not fallen below $70 in January-May 2010, industry experts say.
The draft law on budgetary amendments will be discussed at a parliamentary session to be held Friday.*
According to Sharifov, budgetary revenues will rise by 1.490 billion manats ($1.862 billion). 1bn manats of the amount will be contributed by the State Oil Fund (SOFAR), the body that holds Azerbaijan’s revenues from crude exports, while 490 million manats will come from the Ministry of Taxes.
608m manats of the amount will be spent on investments, while 300m manats on eliminating the aftermath of floods. Moreover, 99.3m manats will be directed to social purposes, and 14.5m manats to other fields, including science, education, culture, arts, and healthcare.
Budgetary expenses will go up 1.011 billion manats ($1.263 billion).
Thus, revenues of the state budget will amount to about $14.381bn, while expenses will be set at $15.343bn. On account of the proposed increase in revenues, the budget deficit will decrease and stand at around $962m.
$500m of the additional expenses is to be allocated for defense and security. The initial version of the 2010 budget had set defense spending at around $1.507bn.
The draft of amendments to the budget determined the oil price at $60 a barrel -- higher than the figure set in this year’s budget, which was at the level of $45.
World crude prices have not fallen below $70 in January-May 2010, industry experts say.
The draft law on budgetary amendments will be discussed at a parliamentary session to be held Friday.*
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