Azerbaijan's defense spending to nearly double next year
BAKU – Azerbaijan's defense spending will increase 89.7 percent to over 2.51 billion manats ($3.13 billion) in 2011, the government estimates.
Finance Minister Samir Sharifov said in the Milli Majlis (parliament) Tuesday that more than $1.65bn has been designated in next year’s budget for defense. Moreover, nearly $1.36bn is to be spent on special projects aiming to bolster Azerbaijan's military power. Part of the funds will be allocated under state investment programs, Sharifov said during discussions on the 2011 state budget in the legislature.
The share of defense spending in the 2011 budget has almost doubled to 18.9 percent in comparison with 2010.
Around $1.65bn was spent on the defense industry in 2010.
Next year’s budget revenues stand at 12.061bn manats (around $15bn), while expenses are estimated at 12.748bn manats ($15.9bn).
The price of oil is estimated at about $60 per barrel in 2011.
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