Parliamentary committees discussing 2019 state budget

Baku. 5 November. REPORT.AZ/ The state budget for 2019 is being discussed at the meeting of the committees of the Azerbaijani parliament on Economic Policy, Industry and Entrepreneurship, Agrarian Policy, Natural Resources, Energy and Ecology, Defense, Security and Fight Against Corruption, Public Unions and Religious Organizations

Report informs that the revenues of the state budget for 2019 are forecasted at AZN 22,917,500,000, up AZN 768.5 million or 3.5% from 2018. Ratio of revenues too GDP will be 28.0% in 2019.

In the structure of the revenues, AZN 7,316,000,000 or 31.9% will come from Ministry of Taxes, AZN 11,364,300,000 or 49.6% from SOFAZ transfers, AZN 3,451,600,000 or 15.1% from State Customs Committee’s transfers, AZN785,600,000 or 3.4% from other sources.

Average export price in the estimation of oil revenues is $60.

Expenditures are expected to make up AZN 24,780,100,000, up AZN 1,680,100,000 or 7.3% by contrast to 2018. Ratio of expenditures to GDP will be 30.2%.

Expenditures for education are planned to be AZN 2.275 billion, health expenditures – AZN 1.048 billion, defense spending – AZN 3.038 billion, expenditures for international activity and membership to international organizations – AZN 185.7 million, dotation to the state budget of Nakhchivan Autonomous Republic – AZN 300.4 million.

The upper limit of the budget deficit was set at AZN 1,862,600,000, up AZN 784.8 million or 72.8% from 2017’s deficit, AZN 911.6 million or 95.9% from 2018’s forecasted deficit. The deficit will be covered from privatization, receipts from other sources (internal and external borrowing), remainder of the single treasury account as of January 1, 2019. Ratio of the budget deficit to GDP is expected to make up 2.3%.

Revenues of the consolidated budget for 2019 are forecasted to be AZN 29,724,600,000, up AZN 1,599,900,000 or 5.7% in comparison to the current year, expenditures – AZN 27,372,300,000, up AZN 797 million or 3.0% by contrast to a previous year.

The limit of need criterion for 2019 was set at AZN 143. Subsistence minimum will be AZN 180 across the country, AZN 191 for able-bodied people, AZN 149 for pensioners, AZN 160 for children.

According to the draft law on ‘Revenues of the state budget for 2019 of the relevant executive body carrying out social security and social protection’, the Fund’s revenues will be AZN 3,928,100,000, up AZN 349.3 million or 9.8% in comparison to 2018.

Fund’s expenditures are planned to increase by AZN 349.3 million or 9.8% to AZN 3,928,100,000.