Minister reveals prepayment balance surpasses

During the plenary session of parliament on June 7th, Finance Minister Samir Sharifov disclosed that by the close of 2022 or early 2023, prepayments had amassed to a sum of 3.054 billion manats, Azernews reports.

The minister highlighted that in the preceding year, budgetary organizations disbursed advance payments totaling 3.190 billion manats, with concurrent closures amounting to 1.806 billion manats. Notably, 1.226 billion manats, or 62 percent of these closed advances, pertained to outstanding amounts from previous years. As of January 1st, a balance of 580 million manats remained, representing new advances.

Sharifov underscored, "A significant observation here is the surge in advance amounts by the end of 2023, reaching 4.437 billion manats. What led to this increase? Well, 78.8 percent of these advances are attributed to power structures. This trend is explicable, given these entities' necessity to secure long-term contracts for procuring and manufacturing specific new equipment and ammunition."