Azeri parliament approves rise in budget revenues
The Azerbaijani parliament on Friday approved amendments to the
country’s state budget that will raise revenues in 2010 by 15%.
Finance Minister Samir Sharifov said budgetary revenues will rise by 1.490 billion manats ($1.862 billion). 1bn manats of the amount will be contributed by the State Oil Fund (SOFAR), the body that holds Azerbaijan’s revenues from crude exports, while 490 million manats will come from the Ministry of Taxes.
608m manats of the amount will be spent on investments, while 300m manats on eliminating the aftermath of floods. Moreover, 99.3m manats will be directed to social purposes, and 14.5m manats to other fields, including science, education, culture, arts, and healthcare.
Thus, revenues of the state budget will amount to about 11.505bn manats ($14.381bn). Budgetary expenses will go up as well and stand at $15.343bn. Thus, with the endorsed changes, the budget deficit will decrease to $962m.
The oil price was raised to $60 a barrel from the previous level of $45.
World crude prices have not fallen below $70 in January-May 2010, industry experts say.
$500m of the additional expenses is to be allocated for defense and security. The initial version of the 2010 budget had set defense spending at around $1.507bn.*
Finance Minister Samir Sharifov said budgetary revenues will rise by 1.490 billion manats ($1.862 billion). 1bn manats of the amount will be contributed by the State Oil Fund (SOFAR), the body that holds Azerbaijan’s revenues from crude exports, while 490 million manats will come from the Ministry of Taxes.
608m manats of the amount will be spent on investments, while 300m manats on eliminating the aftermath of floods. Moreover, 99.3m manats will be directed to social purposes, and 14.5m manats to other fields, including science, education, culture, arts, and healthcare.
Thus, revenues of the state budget will amount to about 11.505bn manats ($14.381bn). Budgetary expenses will go up as well and stand at $15.343bn. Thus, with the endorsed changes, the budget deficit will decrease to $962m.
The oil price was raised to $60 a barrel from the previous level of $45.
World crude prices have not fallen below $70 in January-May 2010, industry experts say.
$500m of the additional expenses is to be allocated for defense and security. The initial version of the 2010 budget had set defense spending at around $1.507bn.*
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