Azerbaijan budgets for $40 oil in 2017

Azerbaijan's 2017 state budget assumes oil will trade at $40 a barrel, Finance Minister Samir Sharifov told reporters.


The 2016 budget has oil trading at $25 a barrel.


Transfers from the State Oil Fund of Azerbaijan, projected at 7.615 billion manat this year, will fall by 1.5 billion manat in 2017 (1.629 manat/$1 on Sept. 26).


Azerbaijan plans to raise public sector wages, social wages, benefits, pensions, rants and other handouts next year, Sharifov said.


The Cabinet approved the draft 2017 budget last week and submitted it to the president.

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