Finance

Finance

Finance Minister: "Last year 3.1 bln manat budget expenditures were reduced"

11 January 2016 20:05 (UTC +04:00)

According to him, the country's GDP grew by 1.1%. He noted that this indicator is less than in previous years, but taken into account the difficult external economic situation and the pressure exerted to the macroeconomic stability of the country, the result can be considered satisfactory.

"In 2015, all the social obligations, main state programs and prioritized projects have been fully funded in accordance with the state budget. During the reporting period the state budget revenues, amounted to 2.3 billion. or 11.6%, were less than planned. The main reason for decline in revenue was a sharp drop of oil prices in the world. In this regard, in order to save currency reserves, the transfers from the Oil Fund to the state budget were reduced. In 2015, revenues to the budget from non-oil sector amounted to 6 billion. 950 million manats (or 103%). That is 200 million manat more than planned and 694 mln. manat (9.5 %) more compared with2014. In general, the share of non-oil tax revenues amounted to 40.5 percent, more than 6.5 percent compared with 2014, "the minister said.

According to Sharifov, in connection with the price shocks facing the economy, it was decided to reduce budget spending 3.1 billion manat or 15 percent. "At the same time, the priority of socially oriented expenditures was kept and 32,1 percent or 5 billion. 752 million manats of the budget were directed for these purposes. The amount is 5 percent more compared to 2014. "