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Azerbaijanâ€™s parliament approves state budget bill for 2010 - UPDATED

Azerbaijanâ€™s parliament approves state budget bill for 2010 - <font color=red>UPDATED</font>

18 June 2010 11:20 (UTC +04:00)

According to Ziyad Samadzadeh, Milli Majlis economic policy standing commission chief, Azerbaijan saw growth in economy. Accounting Chamber submitted the opinion about the budget.
The average price of oil is $ 75.5 in the world market and this made to enter the additional means. The budget deficit with the changes will be 2.3%, he emphasized.
He says, the large part of the allocated means will be spent for increasing of defence expenditures.
According to Samir Sharifov, Minister of Finance, the budget incomes are offered to be increased by AZN 1 490 mln, expenditure AZN 1 011.3 mln. After this, state budget incomes will be AZN 11 505 mln, expenditure AZN 12 275.3 mln. The AZN 490 mln of incomes will come from Ministry of Taxes, AZN 1 bln from State Oil Fund. The forecasted budget deficit will be decreased by AZN 478.7 mln.
He says, AZN 300 mln of the expenditures will be spent for elimination of flood hazard in Kur and Aras Rivers. AZN 400 mln will be added to the defence spending. AZN 17 mln for implementation of several projects in Nakhchevan, AZN 129 mln for finishing of road projects, restoration of historical buildings in Baku, improvement of water and sewer systems, AZN 3 mln for education, AZN 10 mln for health will be allocated. State budget deficit will make 2.3% of GDP.
According to minister, the sum of the allocations from centralized expenditures of state budget for regulation of local revenues and expenditures will be increased by AZN 31 mln or 4.2%. The consolidated budget revenues are expected to be increased by AZN 3 194 mln in approved project. The AZN 2.7 bln of growth will come from SOFAZâ€™s incomes, AZN 490 mln from state budget incomes, AZN 3.5 mln from incomes of Nakhchivan Autonomous Republic. The consolidated budget expenditures will increase by AZN 1 715 mln to AZN 14 351 mln, surplus to AZN 727.8 mln.
Then, the bill was submitted to the discussion of MPs and ratified by majority of votes.