Minister of Finance of the Republic of Azerbaijan Samir Sharifov made a business visit to the Islamic Republic of Pakistan, the United Arab Emirates (UAE) and India on February 19-21***As of January 1st, 2018, the external public debt of the Republic of Azerbaijan constituted 9,398.3 million US dollars (equivalent 15,978.1 million manat). The Debt to the Gross Domestic Product ratio stands at 22.8 percent (based on 2017 GDP of AZN 70,135.1 mln)******

Milli Majlis approves amendments to the state budget for 2017

Milli Majlis approves amendments to the state budget for 2017

30.06.2017

The draft law on amendments to the state budget for 2017 of the Republic of Azerbaijan was discussed at the last plenary meeting of the extraordinary session of the Milli Majlis (Parliament) of the Republic of Azerbaijan held on June 30, 2017.
The relevant draft law was submitted to the Milli Majlis by President of the Republic of Azerbaijan Ilham Aliyev.
As a result of the amendments, incomes of the state budget will reach 16,766.0 million manat increased by 511.0 million manat, while its expenditures will be increased by 1,041.0 million manat making 17,941.0 million manat.
The deficit of the revised state budget for 2017 is forecasted as 1,175.0 million manat increasing by 530.0 million manat. The deficit increase will be covered at the balance of the single treasury account for January 01, 2017.
Additional receipts to the state budget are considered from allocations from profits made by the Central Bank of the Republic of Azerbaijan according to the financials outcomes of 2015, revenues from increasing sanctions and penalties applied in accordance with amendments to the Tax Code of the Republic of Azerbaijan and revenues generated from Azerbaijan’s share interest in the infrastructure projects implemented jointly with international financial-credit institutions, extra-budgetary incomes of budget organizations, as well as funds of the balance of the the state budget single treasury account for January 01, 2017.
It is envisaged to regulate relevant expenses related with measures to strengthen social protection of the population, especially to more extensively satisfy the limit of need criteria for appointment of targeted social assistance in accordance with the Law of the Republic of Azerbaijan on the “Limit of need criteria for 2017 in Republic of Azerbaijan” and social housing needs of the population, costs related with increase of the highest verge of the charter capital of the Deposit Insurance Fund to close loans attracted by the Fund for 100% payment of depositors' savings protected at the banks whose licenses have been canceled, share interest of Azerbaijan in financing of a number of infrastructure projects jointly implemented with international financial-credit institutions regarding the construction and reconstruction of highways and railways, electricity distribution networks, water supply and sanitation systems, financial provision of the commissioning of new kindergartens built in cities and districts of the Republic of Azerbaijan and maintenance of children's technical creativity centers and primary vocational education institutions, and other necessary expenses during the reconsideration of the state budget.
After the amendments, incomes of the consolidated budget for 2017 are intended to make 22,840.9 million manat, which is 2,820.2 million manat or 14.1 percent more compared to the approved budget. Expenditures of the consolidated budget for 2017 are envisaged to reach 29,818.2 million manat increased by 3.7 percent or 1,051.0 million manat more compared to the approved indicator.
Following the discussions, the Law of the Republic of Azerbaijan on “Amendments to the Law of the Republic of Azerbaijan on the “State budget for 2017 of the Republic of Azerbaijan” was unanimously adopted by the Milli Majlis of the Republic of Azerbaijan.