Capital expenditure in state budget draft up 43%

Baku. 18 November. REPORT.AZ/ AZN 5.213 billion allocated to capital expenditure in draft budget for 2017 submitted to Milli Majlis (Azerbaijani Parliament).

Report informs, this figure is 43% or AZN 1 558.8 million higher than that in initial draft prepared by government.

In new version of the draft the capital expenditure makes up 31.4% of total expenditures, which is 6.5% higher in annual comparison.

AZN 2 501.0 million will be spend from next year’s year budget as public capital investment, which is part of overall capital expenditures. This is 34% or AZN 641 million higher than that envisaged in preliminary draft.

AZN 560 million (amount hasn’t changed - Report) or 22.4% of this resources will be directed to raise State Oil Company’s (SOCAR) authorized stock capital to ensure funding of company’s participation share in Southern Gas Corridor. AZN 1 941.0 million or 77.6% of investments will be directed to priority projects and arrangements (fulfilment of Azerbaijan’s obligations in investment projects funded by foreign loans under governmental guarantee and other projects).

According to the bill, AZN 2 712.0 million of capital expenditures in 2017 state budget will be directed to special public procurements, implementation of social-cultural and -welfare, administrative and production projects, reconstruction and restoration of roads, procurement of non-financial assets (fixed assets, buildings and structures, residence and non-residence buildings). This amount is 51% or AZN 915.6 million more than that featured in previous version.