(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 3. The Azerbaijani
Parliament's Committee on Economic Policy, Industry and
Entrepreneurship has launched discussions on the state budget for
2023, reports.
Chairman of the Committee Tahir Mirkishili, Minister of Finance
Samir Sharifov, Chairman of the Accounts Chamber Vugar Gulmammadov,
Governor of the Central Bank Taleh Kazimov and participants are
attending the discussions.
On October 24, the bill 'On the state budget of the Republic of
Azerbaijan for 2023' was submitted to the Parliament. The project
predicted state budget revenues for 2023 in the amount of 30.7
billion manat ($18.04 billion), growing by 5.2 percent against
2022, and 16.4 percent compared to 2021. This is the highest figure
in the entire history of Azerbaijan.
Following the successful economic policy of Azerbaijan, the
state budget income from the non-oil sector is steadily growing.
The non-oil revenues for 2023 are projected at 14.4 billion manat
($8.46 billion), up by 5.6 percent against 2022 and 12.2 percent
compared to 2021. Meanwhile, the non-oil revenue growth of the
state budget helps reduce the State Oil Fund (SOFAZ) transfers to
the state budget. In 2023, the state budget gains through SOFAZ
will amount to 11.3 billion manat ($6.6 billion), thus dropping by
237.5 million manat ($139.6 million) against 2022.
While preparing the state budget for 2023, the price per barrel
was taken equal to $50 given the oil price volatility in commodity
markets. The project predicts state budget expenditures for 2023
worth 33.3 billion manat ($19.57 billion), which was one billion
manat ($587.8 million) more than in 2022 and 5.9 billion manat
($3.46 billion) more than in 2021. The expenditures constituted the
highest figure in the country's history like the revenues.
Restoring liberated lands and ensuring the 'Great Return' are
among the primary directions in the draft state budget for 2023. In
this regard, the country records an annual surge in state budget
allocations. In 2023, three billion manat ($1.76 billion) are
expected to be provided for the recovery of the liberated
territories. This figure is 12.4 percent more than in 2022 and 37.7
percent more than in 2021.
In addition, the country's defense capability and national
security make up a major part of the state budget expenditures. The
state budget for 2023 provides 5.3 billion manat ($3.1 billion) for
these purposes, rising by 17.1 percent against 2021.
As in previous years, in 2023, it's scheduled to allocate 15.2
billion manat ($8.9 billion) to the social sector, up by 1.3
billion manat ($764.17 million) or 9.3 percent more than in 2022.
The need criterion limit will rise by 23 percent year over year and
will amount to 246 manat ($144.6). Thus, in 2023, the minimum
subsistence level and the criterion of need will be equalized
throughout the country. The state budget for 2023 envisages
education spending of 4.4 billion manat ($2.58 billion), which was
536.5 million manat ($315.37 million) or 13.8 percent more compared
to 2022, and 1.3 billion manat ($764.17 million) and 42.4 percent
more than in 2021.
To ensure the country's food security, increase budgetary
resources, stimulate the agricultural sector, and develop the
leading sectors of agriculture, the state budget for 2023 provides
funds in the amount of 1.2 billion manat ($705.39 million). This
figure is 20.5 percent more than in 2022 and 32 percent more than
in 2021.
Considering the growth dynamics of global food and non-food
prices, the draft budget forecasted the allocation of funds of
625.2 million manat ($367.5 million) for food security measures in
Azerbaijan, up by 38.6 percent compared to 2022.
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