Balancing of revenues and expenditures of state and consolidated budget, the increase of defence and security of the state, strengthening of the protection of sensitive social groups of population necessitated revision of the state budget for 2018, Minister of Finance Samir Sharifov said at the meeting of the parliamentary committee on economic policy, industry and entrepreneurship.

According to him, oil price in the specified state budget increased by $10 to $55.

The minister noted that AZN 500 million is forecasted to be transferred from foreign oil companies.

‘State budget revenues are expected to make up AZN 22,110,000,000, up AZN 1,983,000,000 from previous forecast, AZN 5,593,300,000 from 2017. AZN 300 million is planned to SOCAR for compensation of loss arisen from sale of natural gas to Azerenergy at a price lower than the contract price’, the minister said. 

Sharifov noted that expenditures are planned to increase by AZN 2.014.000.000 to AZN 23,061,000,000, up 3.6% from previous forecast, AZN 5,466,500,000 or 31.1% from 2017.

According to him, after revision the revenues of the consolidated budget will be AZN 28,086,800, up AZN 3,981,100,000 or 16.5% from previous forecast: ‘Expenditures are forecasted to increase by AZN 1,600,200,000 or 6.4% to AZN 26,537,000,000. After revision, the consolidated budget is forecasted to be executed with surplus of AZN 1,549,800,000’.

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