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 2018 state budget

Milli Majlis approves amendments to 2018 state budget

29.06.2018

At the last plenary meeting of its extraordinary session on June 29, 2018, the Milli Majlis of the Republic of Azerbaijan discussed a draft law on amendments to the 2018 state budget.

The draft law was submitted to the Milli Majlis of the Republic of Azerbaijan by President of the Republic of Azerbaijan Ilham Aliyev. The amendments increased the budget revenues by 2.22 billion manats to 22.149 billion manats, while budget expenditure was raised by 2.53 billion to reach 23.1 billion. The reviewed budget deficit for 2018 was increased by 31 million manats to be forecast at 951 million manats. The deficit increase will be covered through the balance of the single state treasury account as of January 1, 2018.

Additional revenues of the state budget will accrue from customs duties and value added tax revenues through the State Customs Committee of the Republic of Azerbaijan, increase in the approved transfer from the State Oil Fund of the Republic of Azerbaijan to the state budget as a result of a considerable growth in the crude oil prices on the global markets, additional off-budget revenues of budget-funded organizations, as well as the balance of the single state treasury account as of January 1, 2018.

The revised budget envisages the allocation of funds for making financial provision for additional funds needed after an average 10 percent increase in pensions and social allowances, targeted social allowance, stipends and salaries of employees of budget-funded organizations; for making financial provision for measures arising from the Decree of the President of the Republic of Azerbaijan “Additional measures to improve social protection of members of families of servicemen who died for the territorial integrity of the Republic of Azerbaijan, who were killed or declared dead after going missing in connection with the military operations”; for taking measures to strengthen state protection and security; for increasing the authorized capital of the State Oil Company of Azerbaijan Republic as state support to ensure the conduct by the company of digging works in several oil fields; for covering losses generated by the sale of natural gas imported by the State Oil Company to Azerenerji Open Joint Stock Company at a price lower than contract cost; for increasing the authorized capital of Azerenerji Open Joint Stock Company to ensure the company`s fulfillment of its obligations under the agreements, which the company is party to, for the purpose of increasing the country`s power generation capacity; for increasing the authorized capital of Azerbaijan Railways Closed Joint Stock Company in connection with the reconstruction of the communication and signalling system on the Baku-Boyuk Kesik line of the country`s East-West railway corridor; for constructing and reconstructing road infrastructure and regulating the expenses in this regard; for increasing state care of agriculture, including improvement of food security; for ensuring a more rapid elimination of consequences of emergency situations, including the provision of state-of-the-art equipment for increasing the effectiveness of firefighting measures; for developing tourism; for gradually replacing roof cover of high-rise buildings in city and regional centers; for preparing wind turbines for service, joining them to the distribution network and consolidating the management and consumer data base; for improving environmental situation in Chukhurdere lakes and the area of the former iodine and bromine plant contaminated with formation waters; for constructing water and sewage lines on Babak Avenue, for improving financial and technical infrastructure of several organizations and for regulating a number of necessary expenditures.

After amendments the revenues of the consolidated budget are projected to be 28,125 billion manats, which is 4,019.4 billion manats or 16.7 percent more than the approved budget.

The consolidated budget expenditure is projected to increase 6.6 percent or 1,638.1 billion manats in comparison with the approved budget to reach 26,575.3 billion manats.
After the discussion, the Milli Majlis of the Republic of Azerbaijan adopted the Law of the Republic of Azerbaijan “Making amendments to the Law of the Republic of Azerbaijan “On 2018 state budget of the Republic of Azerbaijan”.