State Budget Revenues reach $ 20 billion

State Budget Revenues reach $ 20 billion
Under chairmanship of Prime Minister of Azerbaijan Artur Rasizade, the Cabinet of Ministers has held a meeting.

The draft budget and the consolidated budget for 2012 and for the next three years, the concept of economic and social development of the Azerbaijan Republic for 2012 and for the next three years were discussed at the meeting, AzerTAj reported.

The draft state budget for 2012 has been designed in accordance with the law of Azerbaijan “On budget system”, the concept of economic and social development, taking into account the continuing social and economic policies of Azerbaijani President Ilham Aliyev, directed at improving the welfare of the people.

In developing the project, special attention was paid to the development strategy of the state, strengthening the social protection of poor layers of society, improving defense capabilities, economic power, strengthening the energy, food security, business support, etc.

The revenues of the state budget for 2012 is projected at 16 billion 436 million 400 thousand AZN and expenses – 16 billion 984 million 400 thousand AZN GDP – 43.5 billion.

In the process of developing and projections took into account the expected outcomes in 2011 and the socio-economic results of the last period, offers the relevant authorities, large enterprises and other factors.

The discussions were analyzed forecasts for key macroeconomic indicators for 2012-2015, including forecasts of international organizations, banks and financial institutions, as well as the International Monetary Fund, World Bank, European Bank for Reconstruction and Development, Asian Development Bank.

Thus, real GDP growth for 2012 is projected at 5.7%, its part relating to non-oil sector – 8.6%, the price of a barrel of oil – $ 80, while the inflation rate – 6%.

At the end of the meeting it was decided to provide the country’s president of the state budget of Azerbaijan for 2012.


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