TODAY.AZ / Business

Azerbaijan to increase expenditures in social sphere

06 November 2019 [13:25] - TODAY.AZ

By Azernews

By Rasana Gasimova

Azerbaijan’s State Budget for 2020 will be the country’s largest projected budget since 1991 and will include a substantial increase in expenditures related to the social security of population.

This was stated during the parliamentary session on state budget held on November 5.

Addressing the session, Finance Minister Samir Sharifov said that President Ilham Aliyev has taken a number of important steps to improve the social security of the population, and that the work to this end will continue in 2020.

“In 2020, wages are expected to increase, including organizations funded from the state budget,” Sharifov said.

Chairman of Azerbaijani Chamber of Accounts Vugar Gulmammadov said that the State Budget of 2020 is Azerbaijan’s largest projected budget since the restoration of Azerbaijan’s independence.

Gulmammadov also highlighted the significant increase in the non-oil revenues of the state budget in 2019.

For his part, Economy Minister Mikail Jabbarov said that significant growth is expected in 2020 both in the oil and gas industry and in the non-oil sector. As a result of comprehensive measures implemented in 2020, an increase of 8.8 percent is forecasted in the non-oil sector.

Jabbarov added that it is necessary to continue implementing measures to improve the business environment, to suspend inspections in the field of entrepreneurship, etc.

Minister of Labor and Social Protection of the Population Sahil Babayev, who also addressed the parliamentary session, said that Azerbaijan’s wage fund has significantly increased due to the work done over the past 10 months.

“As President Ilham Aliyev noted, Azerbaijan is a state that pursues a socially-oriented policy. The social well-being of citizens is at the center of the measures implemented under the president’s leadership,” Babayev said.

“These payments are increased every year. Self-employment program is expected to be further expanded in the next year,” he added.

Chairman of the State Customs Committee Safar Mehdiev said during the session that Azerbaijan has achieved important progress in the fight against the shadow economy, which has resulted in increased revenues to the state budget. Mehdiev noted that the State Customs Committee predicts an increase in budget revenues in 2020.

Meanwhile, Chairman of Azerbaijan’s Central Bank Elman Rustamov, who also spoke at the parliament’s session, noted that the main task in 2020 is to ensure macroeconomic stability in the country. The chairman added that price stability and the sustainability of the manat’s rate will be in the spotlight in 

“The ratio of the manat to foreign currency has been stable for the third year in a row,” Rustamov added.

Azerbaijan’s state budget revenues for 2020 are projected to amount to 24 billion 134.5 million manats ($14 billion 196.4 million manats), while expenses are expected to reach 26 billion 913.7 million manats ($15 billion 831.6 million).


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