By Azernews

By Sabina Mammadli

Azerbaijan has adopted a bill amending the Law "On the state budget of the Republic of Azerbaijan for 2022" at an extraordinary meeting of the Azerbaijani parliament on June 28, Azernews reports.

According to the amendments, revenues and expenditures of the state budget for 2022 will increase by more than eight percent.

Revenues of the revised state budget are projected at 29.1 billion manat ($17.1 billion), which is 2.3 billion manat ($1.3 billion) or 8.9 percent more than the approved amount.

Therefore, revenues of the revised state budget for 2022 are projected at 29.1 billion manat ($17.1 billion).

Expenses for the revised state budget for 2022 are projected at 32.3 billion manat ($19 billion), including centralized revenues – 28.1 billion manat ($16.5 billion), local revenues – 1.03 billion manat ($605.8 million), centralized expenses – 31.2 billion manat ($18.3 billion), local expenses – 1.07 billion manat ($629.4 million).

Earlier it was reported that Azerbaijan’s GDP grew by 6.8 percent in the first quarter of the year, the positive balance of foreign trade turnover exceeded $5 billion, and the foreign debt reduced by more than $600 million. Such positive economic figures were mostly achieved by the efficient policy of social and economic development pursued in the country.

Azerbaijan is entering a new stage of development, which will cover 2022-2030 years. The primary tasks set up are sustainable economic growth, financial stability of the national economy, and the restoration of the liberated territories.