Finance

Finance

Azerbaijani Parliament adopts execution of 2015â€™s state budget - UPDATED

Azerbaijani Parliament adopts execution of 2015â€™s state budget - <span style="color: red;">UPDATED

31 May 2016 12:42 (UTC +04:00)

The MP added that though SOCAR actively supplied Georgiaâ€™s settlements with gas, several villages in Azerbaijan have not been gasified yet: â€œWe have villages of which 90% was gasified, the works remain incomplete. These works must be completedâ€.

Touching upon misappropriation of budget funds, Oruj said in order to struggle against it, management and structure must be changed: â€œWe have a state body called State Procurements Agency. Does anyone know its whereabouts?â€

Another MP, chairman of Press Council Aflatun Amashov said as the information warfare is important for government, it must pay more attention to the media.

After discussions, the document was adopted.

14:30

Baku. Mubariz Aslanov - APA. Document on execution of state budget for 2015 was discussed at the plenary meeting of Azerbaijani Parliament.

APA reports informing about execution of budget, the chairman of Economic Policy, Industry and Entrepreneurship Committee of the Milli Majlis (Parliament) of Azerbaijan Ziyad Samadzade said the oil price decline by thrice affected economy negatively.

He noted that economic growth was achieved in 2015 and this is a great success: â€œMinistry of Taxes and Customs Committee overfulfilled the budget forecasts last year. As a result of economic reforms in tax and customs system, forecasts on budget revenues were fulfilled successfully. No decline was recorded in defence spending. Share of expenditures for education, health and culture increased.Â AZN 2.5 bln was allocated to development of agrarian sector. SOFAZ dominates the state budget. Transfers made AZN 11.3 bln in 2013, AZN 8 bln in 2015. Optimal distribution of SOFAZ for future generations will be provided in the future. Gabala will be included in the list of cities not receiving subsidy. Budget deficit was admissible. During the past ten years, budget deficit did not stay above forecast. In 2015, budget revenues made AZN 17,498,000,000 against AZN 19,438,000,000 forecast. This figure is AZN 902.6 mln or 4.9% lower than 2014. AZN 8,130,000,000 or 46.5% of budget revenues came from SOFAZ, AZN 7,118.3 mln or 40.7% from Ministry of Taxes, AZN 1,591.9 mln or 9.1% from State Customs Committee, AZN 657.8 mln or 3.7% from other sources (AZN 202.2 mln from paid service of budget-funded organizations, AZN 7.6 mln from State Committee for Property Issues, AZN 448 mln from other).Â Expenditures amounted to AZN 21,100,000,000 against AZN 17,784,500,000 forecast. Share of budget expenditures in GDP made 32.7%. AZN 9,763,100,000 or 54.9% went to current expenditures (down AZN 134.5 mln or 1.4% from 2014), AZN 7,316,900,000 or 41.1% to capital expenditures (down AZN 1,115,600,000 or 13.2% from 2014), AZN 704.5 mln or 4% to services in connection with public debt and liabilities (up AZN 325.6 mln or 1.9 times from previous year). Budget deficit amounted to AZN 286.5 mln. Budget deficit was covered by placement of securities, receipts from privatization, foreign grants and residual funds in the treasury single account. As of January 1, 2016, residual funds in the treasury single account stood at AZN 1,433,900,000â€.

Currently, the discussions are underway.