Azerbaijani Cabinet of Ministers approves draft public and consolidated budgets for 2011

The Cabinet of Ministers of Azerbaijan has approved draft of the state and consolidated budgets for 2011 and the subsequent three years prepared by the Ministry of Finance together with other authorized government agencies as well as the Ministry of Economic Development's concept and forecast for economic and social development during the same period, the Cabinet of Ministers' official website reported on Wednesday.

These documents and related materials provided by the law "On the budget" will be presented to President Ilham Aliyev. The decision came into force yesterday.

A meeting was held on Wednesday in the Cabinet of Ministers under the chairmanship of Azerbaijani Prime Minister Artur Rasizade to discuss the draft state budget, the consolidated budget and the concept of socio-economic development of the country for 2011 and subsequent three years.

Special attention was paid to social and investment orientation of the budget in line with the state development strategy and priorities, the country's defense capability, increase economic power, strengthen energy and food security, support entrepreneurship development, finance specific public programs and other important points while preparing budget projections.

Revenue of the state budget for next year is projected at 12.061 billion manat, and costs at 12.748 billion manat. This is 31.7% of GDP. Consolidated budget revenues for 2011 are projected at 15557.6 million manat, and expenditure at 15129.4 million manat.

Preparation of the concept and projections took into account the results of last year, and socio-economic outcomes, proposals from the relevant government agencies, large enterprises, as well as factors that may affect the future development of the country's economy, including possible inflationary pressures, world oil prices volatility, and so on.

In the projections of key macroeconomic indicators, the GDP growth rate for 2011 is projected at 3.8%, non-oil GDP at 7.2%, the price of a barrel of oil at $60, and inflation of 5%. Budget revenues for 2010 were approved to the amount of 11.505 billion manat, and expenditure to the amount of 12.275 billion manat. The budget deficit is projected at 770.3 million manat, or 2.3% of GDP.


/Trend/