Reasons for revising 2017 state budget announced

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# 15:50
22 June 2017

According to the draft law on “Amendments in the law on state budget of the Republic of Azerbaijan for 2017”, during revising of the state budget for 2017  it is planned to increase the need criteria to determine social benefit, relevant expenditures to cover people’s need on regarding construction of social housing, authorized capital of the Azerbaijan Deposit Insurance Fund to repay the debts involved by the Fund to cover all insured deposits of the closed banks, Azerbaijan’s participation share for financing of several infrastructure projects implemented jointly with international financial organizations in connection with motor roads and railway lines, power supply networks, water supply and sewerage systems and other projects, increase of upper limit of external borrowing, create financial guarantee for launch of newly-constructed kindergartens in cities and regions and regulate several necessary expenditures.

 

The abovementioned expenditures will be funded by allocations from Central Bank’s profit got from financial results of 2015, increase of sanctions and penalties imposed in accordance with the amendments made in the Tax Code and receipts from Azerbaijan’s participation the infrastructure projects implemented jointly with international financial organizations, transfers to the state budget from off-budget revenues, as well as residual of single treasury account as of January 1, 2017.

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THE OPERATION IS BEING PERFORMED