Finance

Finance

Azerbaijani parliament approves amendments to 2016 state budget

23 February 2016 11:33 (UTC +04:00)

According to the revised state budget for 2016, the revenues make AZN 16,822,000,000, expenditures – AZN 18,495,000,000.

Revised revenues are AZN 2,256,000,000 or 15.5% more than approved forecast for 2016, revised expenditures – 13.7% than approved expenditures.

The revenues in the approved version of the 2016 budget made AZN 14,566,000,000, expenditures – AZN 16,264,000,000.

Upper limit of the budget deficit makes AZN 1,673,000,000, oil price - $25 a barrel.

Revenues of the revised consolidated budget are forecasted at AZN 15,738,600,000, down AZN 981.5 mln or 5.9% from approved budget. The decline is formed by reduction of SOFAZ revenues by AZN 3,230,300,000 as a result of fall of the oil price to $25 a barrel in the budget.

Expenditures of consolidated budget will increase 23.1% or AZN 4,610,200,000 to AZN 24,566,600,000. Consolidated budget deficit will make AZN 8,828,000,000, consolidated budget deficit excluding SOFAZ revenues - AZN 12,309,300,000.