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“Standard and Poor’s” agency kept the international loan rating of Azerbaijan as stable in a special assessment***The Milli Majlis adopts a law on the execution of the state budget for 2016***Ministry of Finance recommends referring to official data in statements about IBA***

A broad meeting held at the Ministry of Finance

A broad meeting held at the Ministry of Finance

17.07.2017

A wide board meeting was dedicated to the instructions given by President of the Republic of Azerbaijan Ilham Aliyev at the meeting of the Cabinet of Ministers of the Republic of Azerbaijan dedicated to the social and economic outcomes of the first half of 2017 and the challenges ahead, progress of the execution of the state budget in the first half of 2017 and to the discussion of the draft state and consolidated budgets for 2018 and consolidated budget indicators for the next three years and future challenges on July 19.
Minister of finance and chairman of the board Mr. Samir Sharifov spoke about the socio-economic outcomes of the first half of 2017 and highlighted the restoration of exchange rate stability, increasing non-oil exports, as well as strategic currency assets and slowdown in the pace of GDP decline as a result of the macroeconomic policy implemented in the past period at the meeting attended by the heads of the structural units of and the organizations subordinated to the ministry.
It was noted that the government head underlined that the priority has not changed in the future activity of the government and put important tasks on central and local authorities regarding the development of the non-oil sector, particularly the leading fields of industry and agriculture, ensuring the effectiveness and sustainability of economy and attracting investments to the regions during the meeting of the Cabinet of Ministers of the Republic of Azerbaijan dedicated to the social and economic outcomes of the first half of 2017 and the future challenges.
S.Sharifov state that the major state obligations were fulfilled and obligations on wages, allowances, pensions and other social expenses, as well as state debts and other necessary expenditures were completely and timely financed in the first 6 months of 2017 and emphasized that the timely financing of social allowances, wages, pensions, scholarships and all other social payments will be ensured in the second half of the year, as well.
As underlined at the meeting, the successful implementation of all state programs and projects and the harmonious financing of social projects comprising scientific, education, healthcare and social security facilities in the investment program, construction of fresh water and sanitation systems, reconstruction of highways, rural roads and construction of new roads and expansion of melioration and irrigation work were achieved during the first 6 months of the current year.
Regarding the execution of the state budget in the first half of the year, it was mentioned that incomes of the consolidated budget in 6 months were executed for 11.6 billion manat or 25.3 percent compared to the corresponding period of 2016, while its expenditures were executed for 11.5 billion manat or 25.9 percent compared to the corresponding period of 2016. Incomes of the state budget were executed for 7.7 billion manat or 102.3 percent, while its expenditures were executed for 8.2 billion manat or 100.0 percent.

Importance of activities related with the timely and quality preparation and submission of the state and consolidated budgets of 2018 and consolidated budgets of the next three years in accordance with the deadlines set in the Law of the Republic of Azerbaijan on the “Budget system” was particularly highlighted among the duties of the Ministry of Finance for 2017. Related structural units, state services and agencies were given relevant instructions on the acceleration of preparation work of the draft state and consolidated budgets for 2018 and consolidated budget indicators for the next three years taking into account orders from organizations and forecasts on incomes received by the ministry in accordance with the approved Plan of Measures.
As mentioned at the meeting, tasks related with the provision of state budget revenues for 2018 include increase of the share of non-oil revenues in non-oil GDP and budget incomes and savings ratio of tax revenues, elimination of tax debts and strengthening of measures to prevent tax evasions, continuation of activities in balancing incomes and expenses of cities and districts of the republic, improvement of the process of compilation of draft state budget and structure of its expenditures, ensuring its effectiveness and targetedness and further expansion of budgeting based on programs covering mid-term and long-term periods by optimizing expenditures.
Deputy minister of finance Mr. Emin Huseynov made a speech regarding the preparation of a new budget procedure, a state debt policy strategy and proposals on a mid-term expenditures framework and a result-based budgeting mechanism to enhance fiscal sustainability assigned to the Ministry of Finance in accordance with the Decree 1180 dated by 27 December 2016 of the President of the Republic of Azerbaijan on the macro-fiscal framework for 2018 and next three years in the Republic of Azerbaijan and the application of the Law of the Republic of Azerbaijan on the “State budget for 2017 of the Republic of Azerbaijan”.
It was also stated that proposals were elaborated on the formation of regulatory legal acts, draft mid- and long-term strategy papers on the state debt management, as well as mid-term expenditures framework and a result-based budgeting mechanism in relation with the application of budget procedures taking into account international best practice and characteristics of the national economy in accordance with the task set before the Ministry of Finance. A decision was adopted at the meeting regarding the consideration and submission of the prepared documents to the Financial Stability Council of the Republic of Azerbaijan and the Cabinet of Ministers in a short time.
Moreover, speeches were made on the “Progress of the execution of the state budget in the first half of 2017” and the “Amendments to the “State revenue forecasting and modeling methodology”, and relevant decisions were adopted after the discussions.
Later, 8 employees of the Ministry of Finance were awarded with the medal for “Distinguished Public Service” under the Decree of the Republic of Azerbaijan for their effective activity in the public service in the Republic of Azerbaijan for a long time.