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Cabinet considers draft state budget for 2018

22 September 2017 [10:58] - TODAY.AZ

By Azernews

The Cabinet of Ministers under the chairmanship of Prime Minister Artur Rasizade have considered the draft state budget and draft consolidated budget for 2018, as well as consolidated budget indicators for the next three years.

The draft state budget and draft consolidated budget for 2018 were submitted to the Cabinet in early this week.  

The Cabinet participants also mulled the draft concept of Azerbaijan’s socio-economic development for 2018 and the next three years, as well as drafts of a number of legal documents included in the budget package.

Finance Minister Samir Sharifov and Economy Minister Shahin Mustafayev delivered reports on issues in the agenda.

The speakers stressed that the draft state budget for 2018 is based on the success achieved thanks to the successful economic policy pursued in Azerbaijan under the leadership of the country’s president, and given the ongoing global financial and economic processes.

“When preparing the draft, social orientation of the state budget was taken as a basis, and attention was paid to factors such as constant improvement of the material well-being of the people, ensuring the defense power and security of the state, supporting development of the non-oil sector,” a message of the Cabinet reads.

“Drafts of state budget and consolidated budget of Azerbaijan for 2018, and consolidated budget indicators for the next three years” and “The concept of economic and social development of Azerbaijan for 2018 and the next three years, and projections”, prepared based on state programs jointly with ministries, committees, departments and organizations, were approved following discussions.

The documents included in the budget package will soon be submitted to the President of Azerbaijan in line with the Law on Budget System.

The government of Azerbaijan has based its projections for the 2018 state budget on an oil price of $45 per barrel, a source in the government earlier told Trend.

The Azerbaijani Parliament [Milli Majlis] approved the amendments to the Law on State Budget of 2017 on June 30.

Revenues in the revised state budget are forecast at 16.8 billion manats ($9.9 million), which is 511 million manats ($300.3 million) or 3.1 percent more than the initially approved forecast. Expenditures are expected to stand at 17.9 billion manats ($10.5 billion), 1.04 billion manats ($611 million) or 6.2 percent more than the initial forecast.

Deficit of the state budget is forecast to stand at 1.2 billion manats ($705 million) [an increase by 530 million manats ($311.4 million)], which is 1.8 percent of expected GDP of Azerbaijan in 2017.

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