Azernews.Az

BAKU – The Azerbaijani government on Wednesday discussed the country’s draft state budget for 2011.

Speakers at the cabinet meeting presided by Prime Minister Artur Rasizada said that while drafting the budget, the focus was on meeting social and investment goals, boosting Azerbaijan’s military potential and economic power. The draft budget also covers the energy sector, increasing food safety, supporting entrepreneurship, as well as financing state-run programs and other key areas.

Next year’s budgetary revenues are projected at 12.061 billion manats (about $15 billion), while expenses amount to 12.748bn manats (over $15.9bn), which is 31.7 percent of the country’s gross domestic product.

The share of social spending is expected to increase in comparison with 2010.

Along with increased expenses on state programs and activities, the government is also predicted to spend more next year on science, education, healthcare, culture, environmental protection, agriculture, and social security.

Participants of the cabinet meeting also noted that while drawing up projections on key macroeconomic figures, forecast of international organizations, banks and other financial institutions was taken into account.

Azerbaijan’s GDP is expected to grow 3.8 percent in 2011. Non-oil GDP is predicted to increase 7.2 pct.

The oil price was estimated at $60 a barrel in the draft state budget.

Inflation is expected to make up 5 pct in the fast-growing South Caucasus republic next year.

In conclusion of discussions, the government decided to submit the draft budget to the president.