Azerbaijan adopts 2012-state budget

The Azerbaijani parliament approved the draft state budget for 2012 and for the next three years, resulting in government revenue increasing by 0.012 per cent, while expenditure increased by 0.5 per cent.

Finance Minister Samir Sharifov noted that taking into account the members of parliament's proposals, the budget expenditure increased by 0.5 per cent from 16 984.4 million manat, to 17 072 million manat. It is planned to allocate an additional 87.6 million manat on expenditure in 2012, 63.6 million manat of which is aimed at increased spending on health, 7.1 million manat on education, 4.6 million manat on culture, art and information, 4.2 million manat on social security and welfare, 4.2 million manat on general expenses and 3.9 million manat on transport and communications.

Mr Sharifov said that as a result of increasing budget expenditures, revenues will be 16.438 billion manat compared to the earlier forecast of 16 436.4 million manat, and the budget deficit will be 634 million manat. Budget deficit forecasted earlier at 548 million manat, is 1.3 per cent of the forecasted GDP for 2012.

"According to the changes, the share of the budget deficit in the forecasted GDP will grow by 0.2 percentage points to 1.5 per cent, which we consider a normal level," Sharifov said. "The upper limit of the budget deficit will be 1.893 billion manat. 110 members of parliament approved the budget with three voting against.


/Trend/