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Hadi Rajabli: The drop in oil price is to punish countries like Russia and Iran

30 October 2008 14:55 (UTC +04:00)

Baku. Ilhama Isabalayeva - APA-Economics. The main priorities of Azerbaijanâ€™s state budget for 2009 will be social issues again, said Hadi Rajabli, Chairman of the Parliamentary Standing Commission on Social Policy.
He added that about AZN 5 billion of the state budget will go to investments and 30% will be spent on social issues.
He declined to express his opinion on the possible impact of low oil prices on the state budget.
â€œPerhaps, the state budget was built on revenue estimates of oil priced at US$60-70 a barrel for 2009.In general, todayâ€™s trends does not point to the final price of oil. We know that falling oil prices is due to certain activities. The aim of this process is to punish Russia, Iran and other countries,â€ he added.
According to him, the price of oil could rise later this year or early next year.
Â«The price of oil worries some of our economists, but there is no reason for concern. The price of oil in the budget will be taken into account in the interest of the people,â€ he added.