Azerbaijan changes rules on spending of free balance of treasury account - EXCLUSIVE

Azerbaijan changes rules on spending of free balance of treasury account - <span style="color: red;">EXCLUSIVE</span>
# 22 December 2016 13:21 (UTC +04:00)

According to the draft amendment, balances of all treasury accounts for the yearend are transferred to the unified treasury account of the state budget. These funds are directed to the funding of budget deficit and one in twelfth of state budget expenditures of the next year is directed to settlement of budget expenditures provided in the article #7 of this Law for the same year, and managed in the manner specified with the provision 19.2 this Law, the rest is transferred to the State Oil Fund of the Republic of Azerbaijan.

 

Current version is as follows: Balances of all treasury accounts for the yearend are transferred to the unified treasury account of the state budget (excluding targeted financings). A part of the funds nearly amounted to one in twelfth of state budget expenditures of the next year is directed to settlement of relevant budget expenditures and financing of the state budget deficit in the same year, and managed in the manner

specified with the provision 19.2 this Law, the rest is transferred to the State Oil Fund of the Republic of Azerbaijan.

 

The draft amendment will be discussed at the plenary meeting of the parliament on December 30.

 

 

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THE OPERATION IS BEING PERFORMED