Azerbaijan’s 2012 budget endorsed
Azerbaijan’s draft state budget for 2012 was approved in parliament on Tuesday.
Budget revenues are expected to make up 16.438 billion manats ($21.074 billion). Budget expenditure was increased by 87.6 million manats (0.5 percent) taking into account parliament members' proposals to 17.072 billion manats ($21.887 billion), Finance Minister Samir Sharifov said in the Milli Majlis. Thus, budget deficit will make up about $813 million.
The Ministry of Taxes is expected to transfer about $6.807bn to the state budget in 2012, with the non-oil sector accounting for 59.9 percent of the total amount. The State Customs Committee’s transfers will be around $1.538bn, while the State Oil Fund will contribute $12.698bn.
As for budgetary expenditure, $7.428bn of the total amount will be spent on industries and construction, including extractive industries. $2.284bn will be spent on social security, while $2.02bn – on education, and $1.770bn on defense.
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