WB concerned over budget surge
The World Bank is concerned over the surge in Azerbaijan's 2008
state budget, a WB executive has said.
The bank's senior economist Christian Petersen said the increase by up to 40 per cent could accelerate annual inflation in the country, which currently stands at 20 per cent.
"It is therefore important to protect from inflation the low-income layers of the population, as well as teachers, doctors, state servants and persons receiving allowances," he told a local TV channel. "The minimum wage and pensions should be amended."
Petersen said inflationary increases in Azerbaijan were mainly caused by rising prices for food in world markets, which is affecting countries around the globe.
"True, some expenses may be raised, but these increases should not speed up inflation," the economist said.
The Milli Majlis (parliament) has increased this year's budget revenues 3.1 billion manats, while expenses 2.7 billion manats on May 2. The budget revenues will make up 10.484 billion manats ($12.63 billion), while expenses - 11.061 billion manats (13.32 billion).
The bank's senior economist Christian Petersen said the increase by up to 40 per cent could accelerate annual inflation in the country, which currently stands at 20 per cent.
"It is therefore important to protect from inflation the low-income layers of the population, as well as teachers, doctors, state servants and persons receiving allowances," he told a local TV channel. "The minimum wage and pensions should be amended."
Petersen said inflationary increases in Azerbaijan were mainly caused by rising prices for food in world markets, which is affecting countries around the globe.
"True, some expenses may be raised, but these increases should not speed up inflation," the economist said.
The Milli Majlis (parliament) has increased this year's budget revenues 3.1 billion manats, while expenses 2.7 billion manats on May 2. The budget revenues will make up 10.484 billion manats ($12.63 billion), while expenses - 11.061 billion manats (13.32 billion).
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