Two‑thirds of Azerbaijan's consolidated revenues and consolidated budget are now completely free from the oil factor, Azerbaijan's Minister of Finance Sahil Babayev stated, SİA informs.
Speaking during today's plenary session of the Milli Majlis of Azerbaijan, while discussing in the first reading the package of amendments to the Tax Code and 16 laws included in the 2026 state budget framework, Babayev noted that this policy will be implemented consistently:
"Another issue relates to the share of the consolidated budget's non‑oil base deficit in non‑oil GDP. For next year, this target has been reduced to 19%, which is 3.4 percentage points lower than the current year. This policy will continue, and by 2029 – the end of our medium‑term (1+3 year) period – we aim to reduce this figure to 13%. This will be a very important outcome for both budgetary and financial sustainability, significantly lowering our dependence on the oil‑gas factor."
The minister emphasized that there are protected expenditures in the execution of the state budget:
"Most of them are concentrated in current expenditures, and since these are always protected, covering them with revenues from the non‑oil sector – independent of oil‑gas prices – has been one of our main goals. Next year, we will be able to cover up to 88% of these expenditures, which is about 7% higher compared to the current year. Our medium‑term goal is to reach 100% coverage by 2029."
Babayev stressed that the proposed package creates serious opportunities for Azerbaijan in terms of budget stability, fiscal health, and reducing the impact of external factors on the budget: "At the same time, from a macroeconomic and fiscal perspective, this new regime is very favorable and sufficiently flexible."
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