On June 22, the Parliament Committee on bill Economic policy, Industry and Entrepreneurship discussed a bill on “Amendments to the State Budget for 2017″.
The revision of Azerbaijan’s state budget for 2017 is needed to ensure the stability of the banking and financial systems, said Samir Sharifov, the country’s Finance Minister, reported AzerNews.
The original budget projected revenues of 16.6 billion (approximately 9.6 billion USD), with expenditures of 16.9 billion (approximately 10 billion USD). The new bill anticipates that budget revenues of state budget is planed to increase forwill grow by 511 million manats (approximately 303 million USD), expenditure up by approximately 1 billion manats (593 billion USD). Under the new projections, total planned expenditure for 2017 is 17.9 billion manats (approximately 10 billion USD).
According to Finance Minister Samir Sharifov, both SOCAR and the Azerbaijan Deposit Insurance Fund (ADIF) will receive additional funding The state will also allocate 4 billion manats (approximately 2.34 billion USD) to restructure the country’s external debts, and increase the upper limit on external loans to 4.5 billion manats (approximately 2.67 billion USD) for the issue of Eurobonds by the International Bank of Azerbaijan.
He also noted that state-run kindergartens would receive additional support.
Under the planned restructuring, the budget deficit will grow to about 1.17 billion manats (approximately 695 million USD), 1.8% of GDP.
