Azerbaijan takes significant steps to deepen the economic reforms, Ziyad Samadzade, Chairman of Economic Policy, Industry and Entrepreneurship Committee of the parliament said during discussion of the budget package for 2018.
According to him, execution of the draft state budget for 2018 is of great importance because the next year is the 100th anniversary of state independency.
Thereafter, Minister of Finance Samir Sharifov noted that macroeconomic forecasts and global economic processes in 2018-2021 have been taken into consideration during preparation of draft state budget for 2018.
“Compared to previous year, the rate of economic lag declined from 3.9 percentage point to 0.6 percentage point. As a result of purposeful policy, non-oil sector grew 2.5%. Moreover, positive balance of $4.4 billion emerged on trade turnover. At the same time, deficit of consolidated budget reduced by 12 percentage point. Thus, surplus of 1.2% emerged instead of forecasted 11.3%-deficit. This was caused by financial support to development of non-oil sector and economically use of currency reserves, increase of currency flow to the country and other fiscal and monetary measures”, the minister said.
According to him, the state budget revenues will make up AZN 20.127 billion, expenditures AZN 20,905,700,000. So, the budget deficit is forecasted to be AZN 778.7 million.
Centralized revenues will be AZN 19,476,329,000, local revenues AZN 650.671 million, centralized expenditures AZN 20,181,608,000 and local expenditures AZN 724.092 million.
Revenues of consolidated budget for 2018 are forecasted to be AZN 23,223,200,000 (up AZN 246 million or 1.1% from previous year), expenditures AZN 26,674,100,000 (down AZN 3,895,400,000 or 12.7% by contrast to a year earlier). Deficit will make up AZN 3,450,900,000 (down AZN 4,141,400,000 or 54.5% from 2017) or 5% of GDP.