Deficit of state budget in Azerbaijan increases by 82%

Deficit of state budget in Azerbaijan increases by 82%
In the revised state budget for 2017, it is planned to increase the state budget deficit by 82.2% or 530 million manat to 1,175 million manat, which makes 1.8% of the expected GDP by the year end.

Ann.az informs referring to AZERTAC, Minister of Finance Samir Sharifov said during the discussion of a bill on introducing amendments to the law "On state budget of the Republic of Azerbaijan for 2017" at today's meeting of parliamentary committee on economic policy, industry and entrepreneurship.

S. Sharifov noted that the revenues of state budget for 2017 are planned to increase by 511 million manat or 3.1% to 16,766 million manat or 25.2% of the expected GDP. Expenses of the state budget will increase by 1 041 million manat or 6.2% and amount to 17,941 million manat.

As part of the measures to improve the public health of "International Bank of Azerbaijan" OJSC is expected to issue Eurobonds in order to repay the debts transferred to the state in amount of $ 2 383.4 million. To this end, the upper limit of domestic state borrowing will be increased by 4 billion manat - up to 4.5 billion manat in 2017.

The meeting also considered draft laws on amendments to the laws "On Advertising" and "On State Duty". Technical amendments are introduced to the bills.
In addition, a new bill "On Accounting Chamber" was discussed at the meeting. Chairman of the Accounting Chamber Vugar Gulmammadov gave conclusions and proposals on the draft.

Documents are recommended for Milli Majlis plenary session.

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