Azerbaijani parliament adopts amendments to budget

The Azerbaijani parliament has adopted amendment to the 2010 state budget with 98 votes 'for' and 5 votes "against" June 18. Under the amendments, the budget deficit has been reduced from 1,249 billion to770.3 million manat (1 USD= 0.8Manat). Thus, the sate budget deficit decreased from 3.9 percent to 2.3 percent of GDP. Budget revenues were increased by 49 billion manat to 11.505 billion. Finance Minister Samir Sharifov said the budget expenditures increased by 1.12 billion manat to 12.275 billion manat.

"Elimination of consequences of the natural disaster that occurred as a result of floods on the rivers Kur and Araz affected the increase the budget expenditures," Sharifov added.

As a result of adjustments, the budget price of oil increased from $45 to $60 per barrel.

Parliamentary Economic Policy Committee Head Ziyad Samadzade said the change in oil prices lead to the changes in the budget. "Based on the indicators of the first four months, the average price for oil was $75.5 per barrel and it is expected to reach $65-$70 by late 2010," he added.