Azeri parliament approves amended budget
BAKU – The Azerbaijani parliament approved a draft law on changes to the country’s 2011 budget at a sitting on Friday.
Under the amendments, projected budget revenues were increased by over 3.493 billion manats ($4.37 billion), or 29 percent, to 15.554bn manats (19.564bn). The revenues will be increased on account of tax and customs transfers by $974 million and by $3.4bn on account of transfers from the state oil fund Sofaz.
According to the law, budgetary expenses this year exceed 15.9bn manats ($20bn), 25 pct over the projection. After the increase, current expenses will account for 48.4 pct of total spending, while capital expenditure for 49.4 pct, and expenses on clearing state debt will make up the remaining 2.2 pct.
The oil price envisioned in this year’s state budget was increased to $80 from the previous $60 a barrel, which is expected to bring billions in additional revenues.
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