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10:18 17 July
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Azerbaijan sets new budget rules on effective use of oil revenues


Azerbaijan has prepared draft law on amendments to the Law on Budget system.

 

APA-Economics reports that the draft law has been prepared taking into account the experiences of oil exporting counties and specifications of Azerbaijan’s economy.

 

The document sets rules on effective use of oil revenues, forms a frame for ensuring of macroeconomic stability, as well as financial and debt discipline.  

 

 

According to the amendment, upper limit of expenditures of consolidated budget will also be calculated.

 

Moreover, it’s offered to annex article #11.1 to the law. According to this article, forecasted upper limit of expenditures of the consolidated budget calculated for 2019 and next three years cannot exceed upper limit of expenditures of the consolidated budget calculated in accordance with this article. At the same time, upper limit of expenditures of the consolidated budget should not exceed 103% of expenditures calculated for expenditures of confirmed consolidated budget for 2018.  

 

 

 

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