Azernews.Az

BAKU – Azerbaijan will receive additional revenues worth about $6 billion due to the planned increase of the oil price by $20 to $80 a barrel in the country’s 2011 budget.

The Accounting Chamber concluded regarding the amended draft state budget recently submitted to parliament that an additional 770 million manats ($974 million) will be transferred to this year’s budget and up to 4 billion manats (over $5 billion) to the state oil fund Sofaz, which holds Azerbaijan’s revenues from crude exports.

"Crude prices exceeding $100 a barrel in world markets in January-April 2011 is grounds to cite a further increase by the year-end of the level of key macroeconomic indicators of the country’s economy and the securing of budgetary revenues on account of the required funds," the Accounting Chamber said.

The International Monetary Fund (IMF) predicts that world crude prices will average $100-106 a barrel in 2011. The most pessimistic projections have put the figure at $95.

According to the Chamber, the oil fund Sofaz will achieve its main goal, which is to maintain currency reserves at $30bn after the fund has made all the transfers by the end of 2011. Sofaz is expected to transfer to the state budget over $11.6bn, a 41.7 percent increase compared to the previous projection and 59 percent of the total budget revenues.

Two Azerbaijani parliamentary committees on Monday decided to put the bill on changes to the country’s 2011 budget on discussion at the Milli Majlis.