(MENAFN- AzerNews)
Ulviyya Shahin Read more
The forecasts of this year's state budget can be revised in themiddle of the year because the results of the last period are notbad. Azernews reports that this was stated byAzerbaijan's Finance Minister, Samir Sharifov.
Sharifov said these thoughts to journalists when commenting onthe revision of the 2024 budget due to the change in the price ofoil in the world markets compared to the price in the budgetforecasts.
"Nothing can be excluded; as a rule, we look at the results of thelast period, i.e., four months, and find that the growth of thegross domestic product in the non-oil sector is not bad but ratherhigh. The oil sector, as well as additional tax and customsrevenues, are available," the minister said.
According to him, the price of oil in the market is higher thanincluded in the budget forecasts.
"As you know, this year in the state budget of Azerbaijan, onebarrel of oil is set at the level of 60 dollars. Accordingly,additional income from the oil sector will be taken into account;we have income from oil as well as gas," S. Sharifov stressed.
The minister noted that the prices in the international gasmarkets are very volatile, so recently the price of gas has startedto fall.
"Considering all that has been said, certain calculations arebeing made today. Therefore, as always, when there is additionalincome and when there is an opportunity to use it for projectswithout harming macroeconomic stability, a decision will be made atan appropriate level without hindering medium-term macro-fiscalstability," said the minister.
It should be noted that in January–March of this year, therevenues of the state budget of Azerbaijan amounted to 9 billion234.3 million manats, and the expenses amounted to 8 billion 412.6million manats. These are 11.4% and 28.1% more than the same periodlast year, respectively.
As a result, a surplus of 821.7 million manats was created inthe budget. This is 52.3%, or 2.1 times less than a year ago.
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