Azerbaijani parliament adopts state budget for 2017

The Azerbaijani parliament adopted draft state budget for 2017 during its plenary session on Dec. 16.

According to the document, revenues of the state budget are forecasted at the level of 16.255 billion manats (including centralized income – 15,634,706,000 manats, local income – 620,294,000 manats) for 2017, expenditures – 16.9 billion manats (including centralized income – 16,211,286,000 manats and local income – 688,714,000 manats).

The upper limit of the budget deficit is expected at the level of 645 million manats (1.05 percent of the GDP) in 2017.

Main sources of deficit coverage are revenues from privatization, internal and external loans, foreign grants and the remainder on the single treasury account of the state budget as of January 1, 2017.

Income of the state budget will be formed by revenues from the Ministry of Taxes (7.51 billion manats), State Customs Committee (2.2 billion manats), State Committee on Property Issues (8 million manats), paid services of government-financed organizations (353 million manats), transfers of the State oil Fund of Azerbaijan (6.1 billion manats) and other sources.

In 2017, expenditures of the state budget will be distributed as follows: defense (2.8 billion manats), science (118.5 million manats), education (1,733.4 million manats), healthcare (745.4 million manats), social protection and social security (2,053.1 million manats) and others.

Revenues of the consolidated budget are forecasted at the level of 20.02 billion manats, expenditures – 21.267 billion manats. Being an integral part of the consolidated budget, revenues of the State Social Protection Fund under the Ministry of Labor and Social Protection of Population are expected at the level of 3.4 billion manats, revenues of Nakhchivan Autonomous Republic – 348.4 million manats, State Oil Fund – 8,370.6 million manats.

Deficit of the consolidated budget is expected at the level of about 1.247 billion manats.

Oil prices were set at a price of $40 per barrel in the state budget for 2017.

The official exchange rate is 1.7525 AZN/USD on Dec. 16.