President Aliyev OKs 2015-state budget

By: Aynur Jafarova

Azerbaijani President Ilham Aliyev has approved the law on state budget for 2015.

According to the law, the revenues of Azerbaijan’s state budget for 2015 are forecasted at the level of 19.438 billion manats, while the expenditures at 21.1 billion manats.

The upper limit of the state budget deficit was determined in the amount of 1.662 billion manats. The finance sources of the deficit are incomes from privatization, placement of securities, foreign grants, as well as balance of the treasury account of the state budget as of January 1, 2015.

The budget revenues will include 7.112 billion manats from the Taxes Ministry, 1.59 billion manats from the State Customs Committee, 10.388 billion manats from state oil fund SOFAZ, 7 million manats from the lease of state property, 300 million manats from extra-budgetary revenues of budget organizations, as well as 41 million manats from other incomes.

The budget expenditures will include over 1.778 billion manats of military expenditures, the investment making will reach 6.93 billion manats and the expenditures on the industry and construction field will amount to around 6.952 billion manats, and on education and health care around 1.711 billion manats and 777.7 million manats, respectively.

The upper limit of expenditures of the consolidated budget is determined at over 25.9 billion manats while the deficit at around 15.440 billion manats.