Azerbaijan to cut funding for alternative energy sector next year

Baku. 18 September. REPORT.AZ/ The draft of state budget of Azerbaijan for 2016 is projected allocation of 5.7 mln AZN to the renewable energy resources and development of this sector.

Report informs, it is less by 25% than the forecast for the current year. Thus, the state budget for 2015 for these purposes provided 7.6 mln AZN which is by 4.1 mln AZN or 2.1 times more than the actual figure in 2014.

Draft of state budget of Azerbaijan for 2016 revenues are projected at 25.2% of gross domestic product, or 14.566 bln AZN, expenses - in the amount of 28.2% of GDP, or 16.264 bln AZN.Compared with the corresponding forecasts for 2015 budget revenues for next year decreased by 25.1% and expenditures - 22.9%.The budget deficit is projected at 1.698 bln AZN, which is by 2.17% more than the forecast for 2015.