Azerbaijan’s budget package prepared considering new projects, economic tasks

Azerbaijani president submitted the budget for 2020 to the parliament, which provides for the continuation of fundamental social reforms in the country, Azerbaijan’s Finance Minister Samir Sharifov said during the discussion of Azerbaijan’s state budget at the plenary meeting of the parliament, SIA reports referring toTrend.

The budget package has been prepared taking into account new projects and socio-economic tasks, the minister said, adding that macroeconomic forecasts are taken as a basis in the process.

Sharifov noted that the main direction of budget expenditures will be implementation of the strategic roadmaps on key sectors of Azerbaijan’s economy, including measures to finance state programs and measures that are envisaged to be implemented at the expense of the state budget.

“The forecast of real economic growth in GDP next year is 3 percent, including in the non-oil sector - 3.8 percent,” the minister said. “Traditionally, the budget will be socially oriented. State budget revenues in 2020 will amount to 24.1 billion manat ($14.1 billion). Of these, 10.6 billion manat ($6.2 billion) or 43.9 percent will account for non-oil revenues, and 13.5 billion manat ($7.9 billion) or 56.1 percent will account for oil revenues. Tax revenues are projected at 7.8 billion manat ($4.6 billion), and customs revenues - 4 billion manat ($2.3 billion).”

Sharifov added that next year a transfer of 11.3 billion manat ($6.6 billion) to the state budget from Azerbaijan’s State Oil Fund (SOFAZ) is provided.

“Budget expenditures will amount to 26.9 billion manat ($15.8 billion), of which 17.2 billion manat ($10.1 billion) account for current expenses, 7.8 billion manat ($4.5 billion) for capital expenditures and 1.8 billion manat ($1 billion) will be directed to public debt servicing expenses,” the minister said.

“Compared to this year, next year, expenditures on science will increase by 42.1 percent, on education by 38.3 percent, healthcare by 31.3 percent, social protection and social security by 31.1 percent, policies on culture, information, physical education and youth by 29.3 percent, maintenance of defense and law enforcement agencies by 22.5 percent,” Sharifov noted.

“From the state budget, 10.2 billion manat ($6 billion) will be allocated to finance specific programs and measures. Expenditures on the defense and security, maintenance of the judiciary, law enforcement agencies, prosecutors are provided in the amount of 5.8 billion manat ($3.4 billion). It is also envisaged to allocate funds to provide housing for military personnel, the acquisition of housing by the population on favorable terms, issues on mortgage loans. Some 245 million manat ($144.1 million) was allocated to finance these measures.”

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