Its updated budget will be discussed next week.
The ministry also lowered its 2020 oil price forecast, which it uses to calculate its budget, to $35 per barrel from $55.
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Azerbaijan lowers outlook, expects economy to shrink by 5% this year
Business
16:16 | 01.08.2020
Azerbaijan lowers outlook, expects economy to shrink by 5% this year
Azerbaijan has lowered its economic outlook, projecting its oil-driven economy will shrink by 5% this year from an earlier forecast of 3.8%, the finance ministry said on Saturday.
Its budget deficit is projected to rise to 3.368 billion manats ($2 billion) from a previously expected 2.760 billion manats.
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