Azerbaijan talks funds for its social, economic development strategy for 2022-2026

By Trend

A total of 32.7 billion manat ($19.2 billion) is expected to be required for the implementation of the Strategy for the Social and Economic Development of Azerbaijan for 2022-2026 approved by President Ilham Aliyev on July 22, 2022, Prime Minister Ali Asadov said on December 9 at the parliament’s meeting, Trend reports.

According to Asadov, 19.2 billion manat or $11.3 billion (58.7 percent) of the total amount will be directed to ensure the ‘Great Return’ to the liberated lands.

As for the state budget for 2023, funds in the amount of 5.2 billion manat ($3.06 billion) are envisaged for financing projects and activities provided for by the Development Strategy, three billion manat ($1.7 billion) of which are expenses related to the restoration and reconstruction of the liberated territories (up by 12.4 percent compared to 2022), he noted.

Over the past two years, more than 5.8 billion manat ($3.4 billion) has been allocated from the state budget for the draft plan of the ‘Great Return’.

The prime minister also noted that the review and parameters of the state budget of the Republic of Azerbaijan were compiled on the basis of indicators of socio-economic development for the medium term.

According to the strategy, the target upper limit of the ratio of the non-oil base budget deficit to non-oil GDP is planned at the end of 2023 in the amount of 25 percent, and at the end of the medium term - 17.5 percent.