National Budget Group displeased with discussion on 2007 Budget

Economic Research Center chief and national Budget Group member Gubad Ibadoghlu said that the 2007 budget blueprint foresees revenues of AZN 5.3 billion, and put spending at AZN 5.7 billion, the deficit amounts to AZN 379 million or 1.7 percent of the gross domestic product.

"Compared to the current budget, it is 39.1% larger; its revenues foresee 24% of the GDP. The taxation constitutes 74.2% in the incomes and profit tax dominates over other taxes. The sale of bonds in the international capital market is forecast to reduce some part of the deficit," he said.

Ibadoghlu said that the 2007 budget foresees increase of expenditures by 42 percent, of which current expenses constitute 62% and capital expenditures 38%.

The 2007 budget is investment-oriented.

The Group concluded that the discussions on the draft budget are not satisfactory from viewpoints of both time and coverage. APA