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Finance Ministry makes public its forecasts on Azerbaijanâ€™s state budget for 2015 - REVIEW

14 October 2014 08:56 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. Incomes of the state budget for 2015 are forecasted to be AZN 19.438 bln (35.5% of GDP) and the expenditures - to be AZN 21.1 bln (35.3% of GDP), it was posted on the website of Ministry of Finance.

Incomes are up 5.7% or AZN 1.054 bln from 2014’s forecast, expenditures – 5.2% or AZN 1.037 bln.

Most of incomes of the state budget will come from State Oil Fund of Azerbaijan (SOFAZ) (AZN 10.388 bln). Moreover, Ministry of Taxes will transfer AZN 7.112 bln, State Customs Committee – AZN 1.59 bln.

Budget deficit is predicted to make AZN 1.662 bln.

AZN 1.662 bln is planned to finance budget deficit, down AZN 17 mln or 1% compared to 2014. The budget deficit financing will be provided by placement of securities, incomes from privatization, foreign grants and residual of treasury single account of the state budget. Budget deficit/GDP ratio will make 2.8%.

Incomes of consolidated budget for 2015 are forecasted to make AZN 20,716,800,000 (down AZN 1,269,100,000 or 5.85), expenditures – AZN 25.911 bln (up AZN 1,467,100,000 or 6%).

Incomes and expenditures of the Nakhchivan Autonomous Republic are predicted to be AZN 366.7 mln, up AZN 16.2 mln or 4.6% from 2014, AZN 24.0 mln or 7% from 2013. Expenditures are up AZN 35.7 mln or 10.8% from 2013.

Expenditures of State Social Protection Fund will be AZN 3,056,300,000, up AZN 127.8 mln or 4.4% from 2014, AZN 468 mln or 18.1% from 2013.

SOFAZ budget expenditures for 2015 will be AZN 12,304,800,000, up AZ 1,013,000,000 or 9% by contrast to 2014.

Consolidated budget deficit makes AZN 5,194,100,000 (8.7% of GDP).