Finance

Finance

Azerbaijanâ€™s budget deficit to soar by 7-fold in 2010

02 November 2009 17:10 (UTC +04:00)

Baku. Vahab Rzayev - APA-ECONOMICS. Azerbaijan’s 2010 state budget revenue and expenditure are projected at $10 015 million and AZN 11 264 million respectively.

The budget gap will be the deficit AZN 1 249 million, up more than 7-fold from 2009.

Under the bill, the principal sources of the budget revenues are the State Oil Fund (AZN 4 915 million), VAT (AZN 1 876 million), corporate profit tax (AZN 1 096 million), individual income tax (AZN 680 million), excise tax (AZN 552 million).

The public capital investment accounts for AZN 3 549 million of the budgetary expenditures.

In addition, AZN 1 276.8 million will go to education, AZN 1 205.8 million to defense, AZN 1 192.3 million to social security, AZN 1 042.3 million to general government services, AZN 707.4 million to law enforcement and the judiciary, AZN 479.4 million to healthcare.

The state budget deficit will be ffinanced through proceeds from the privatization, external and internal borrowing, flotation of securities abroad, the balance of treasury account as at 1 January 2010.

The revenue and expenditure of the 2009 state budget was forecasted at AZN 12 177 and AZN 12.355 million, up 17.8% and 8.8% from 2010 respectively..