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Azerbaijan to Improve Targeting of Budget Spending for 2016

In order to improve the targeting of Azerbaijan's budget spending, the planned volume of expenditures under the article on "other expenses", were reduced by 350 million manats, or 20.3 percent for 2016, compared to 2015, the country's Finance Minister Samir Sharifov said Oct.13.

The official exchange rate on Oct.13 is 1.0475 AZN/USD.

Sharifov made the remarks during the discussions on the draft state budget for 2016 and the subsequent three years in the plenary meeting of Azerbaijani parliament.

The minister said 5.364 billion manats (33 percent) of the budget expenditures will be used for financing concrete projects which is one of the main conditions of improving the targeting.

Sharifov noted that the revenues of Azerbaijan's consolidated budget are forecasted to reach 16.72 billion manats, while its expenditures are expected to stand at 19.907 billion manats in 2016.

"The revenues and expenditures of Azerbaijan's State Social Protection Fund included in the consolidated budget will reach 3.079 billion manats, of which 35.7 percent (1.1 billion manats) will account for the transfers from the state budget," said Sharifov.

Furthermore, the finance minister said that the budget expenditures of the State Oil Fund of Azerbaijan (SOFAZ) for 2016 are planned at 8.2 billion manats, or 33.4 percent (4.105 billion manats) less than in 2015.

He noted that 2.2 billion manats will be allocated from SOFAZ in 2016 for financing the projects of national importance and the remaining 6 billion manats will be transferred to the state budget.

He said the revenues of Azerbaijan's state budget will reach 14.566 billion manats (25.2 percent of GDP), while its expenditures will stand at 16.264 billion manats (28.2 percent) in 2016, according to the forecasts.

The budget deficit is forecasted at 1.698 billion manats, or 2.9 percent of GDP in 2016, according to the finance minister.

Source: Trend

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