Finance

Finance

State budget surplus amounted to 1.38 billion manats in 1Q2022, says Azerbaijan's Finance Minister

13 April 2022 09:41 (UTC +04:00)

"In the first quarter, state budget revenues exceeded the forecast by 6.3 percent, or 418 million manats, with budget revenues amounting to 7.1 billion manats," said Finance Minister Samir Sharifov at a meeting dedicated to the results of the first quarter of 2022 chaired by President Ilham Aliyev, APA-Economics reports.

"I must also note that the execution of budget expenditures in the first quarter of the year is usually not so high. This year though, it was 99 percent. Even with this high level of budget execution, the state budget surplus amounted to 1.38 billion manats in the conditions of an excess of budget revenues provided by fiscal authorities on the one hand and the under-collection of 423 million manats from the State Oil Fund, on the other.

This is a very good indicator. As I mentioned, state budget expenditures for this period were executed at the level of 5 billion 630 million manats, or 99 percent. The main state responsibilities, financial assistance from the state budget and other programs have been fully funded, and budget requests submitted by state budget organizations to the treasury have been fully implemented," noted Minister.