The Azeri Oil Fund contributes more than half of State Budget Revenues

The Azeri Oil Fund contributes more than half of State Budget Revenues

The income of the state budget for the first quarter of 2014 was 4.5 billion. manat ($ 5.74 billion US), the expenditures were 4.4 billion manat ($ 5.6 billion US). Budget surplus was 108,4 mln. manats in the reporting period.

The Ministry of Finance reports that 2.34 billion manat($ 3.00 billion US) was transferred to the budget from the State Oil Fund of the Republic of Azerbaijan which is more than 52.0 % of the total budget revenue in this period. The Ministry of Taxes of the Republic of Azerbaijan transferred 1.76 billion manat ($ 2.26 billion US) to the state budget 7.1 % more than forecastedwhich is 117,3 mln. manat higher in comparison to the forecast, 239,5 mln. manat or 15,7 percent more in comparison to the same period of 2013. The State Customs Committee of the Republic of Azerbaijan contributed 330,4 mln. Manat in the reporting period. 46,9 mln. manats was transferred to the budget from other revenues which is 30,7 mln. manats or 2,9 times more in comparison to the same period of the previous year.

Accordig to the Ministry of Finance, the expenditure of the state budget was 4.37 billion manat( $5.60 billion US) instead of forecasted 4.23 billion manat in the reporting period. 29,1 percent or 1271,9 mln. manats of the state budget expenditures was allocated from the state budget to funding social costs (labor payment fund, pensions and social benefits, medicines and food costs) during the 1st quarter of current year, which is 108,1 mln. manats or 9,3 percent more in comparison to the same period of the previous year. According to functional classification for the 1st quarter of 2014, there was allocated 38,8 percent (111,5 mln. manats) more for defense costs, 31,0 percent (12,1 mln. manat) more for costs related with activities not included in culture, arts, information, physical training and other categories, 18,6 percent (17,4 mln. manats) more for healthcare costs, 16,0 percent (1,9 mln. percent (233,6 mln. manats) construction and natural fossils costs, 56,4 percent (22,6 mln. manats) more for housing and utilities services costs, more for court, law enforcement and prosecution costs, 8,5 percent (21,4 mln. manats) more for education costs and 1,4 percent (7,4 mln. manats) more for social protection and social security costs in comparison to the same period of the previous year.

The ministry reports that there was allocated 731,3 mln. manats for construction and renovation of education, health, social, cultural and other socio-cultural and household facilities, as well as residential buildings and other social facilities of this kind and 1457,1 mln. manats for construction and renovation of energy, water supply, transportation, utilities, melioration infrastructure and other fields for state capital investment costs of the state budget.

Note: Official rate of 1 Manat is 1.24 USD as for April, 25, 2014

Source: CESD, 2014

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