Finance

Finance

Azerbaijani Parliament ratifies draft budget for 2012

06 December 2011 10:01 (UTC +04:00)

Delivering speech at the meeting FinMinister Samir Sharifov said that draft budget for next year was discussed in detail: â€œAfter the last meeting, the government conducted investigations in connection with the mentioned issuesâ€.

During discussion of parliamentâ€™s costs estimate, allocation of extra AZN 672,000 for communication was considered acceptable in the proposals. Allocation of extra AZN 1.4 mln for rental fees of reserve and on duty military personnel was also considered acceptable. By taking the proposals of MPs into account, the funds for development of NGOs has been risen AZN 1 mln to AZN 3.7 mln, donations for municipalities had been increased by 1 mln to AZN 5 mln,

In general, expenses of the budget have been increased by AZN 97.6 mln or 0.5% to AZN 17.072 bln. As a result, budget deficit reached AZN 634 mln. Finally, the amendments put to voting and confirmed.

Moreover, the parliament ratified costs estimate for 2012 too.

Remind that, incomes of state budget-2012 are forecasted at AZN 16,438 bln, expenses â€“ AZN 17,072 mln, budget deficit â€“ AZN 634 mln. Next yearâ€™s budget revenues to GDP ratio are forecasted at the level of 37.8%, which is 1% more than 2011.

Next year, the Taxes ministry is expected to transfer AZN 5.310 bln to the state budget. 59.95 of it fell on share of non-oil sector. Besides, transfers from the State Customs Committee are forecasted at AZN 1.2 bln. From SOFAZ â€“ AZN 9.905 bln.

Among the main expenses directions of the budget we can note that, AZN 5.794 bln will be allocated to industry, construction and mineral products; AZN 5.774 bln - state capital investment; AZN 1.782 bln â€“ social protection and social security; AZN 1.576 bln â€“ education; AZN 1.381 bln â€“ protection; AZN 1.198 bln â€“ national services.

Budget expenses to GDP ratio are forecasted at 39.1%, which is 1.5% more than 2011.