He made the remarks June 29 during discussions on the corresponding bill at a plenary session of the Azerbaijani parliament.
In accordance with the bill, there are plans to increase state budget revenues by 1.983 million manats (9.9 percent) to 22.110 million manats and to increase expenditures by 2.014 million manats (9.6 percent) to 23.061 million manats. The state budget deficit will be 951 million manats (an increase of 31 million manats), which will be equal to 1.3 percent of the expected GDP of Azerbaijan in 2018.
The revenues of Azerbaijan’s adjusted consolidated budget for 2018 are forecast at 28,086.8 million manats, which is 3,981.1 million manats or 16.5 percent more than the approved budget. The consolidated budget expenditures will amount to 26.537 million manats, which is 1,600.2 million manats or 6.4 percent more than the approved figures.
In accordance with new forecasts, the previously approved deficit of the consolidated state budget in the amount of 831.1 million manats will be replaced by a surplus of 1,549.8 million manats.
The budget forecasts were adjusted considering oil price at $55 per barrel. The base price for oil set in the state budget for this year is $45.
The minister noted that the reforms in the customs sphere as well as the increase of duties on certain goods, in particular the increase of excise tax rates on tobacco and alcohol products, made it possible to increase the forecast for customs revenues to the state budget.
“As a result, the forecast for customs revenues to the state budget has been increased by 785 million manats,” Sharifov said.
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