16:27 - 12.11.2019

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November 12, Fineko/abc.az. Azerbaijan’s budget for 2020, envisaging further radical socio-economic reforms in Azerbaijan has been introduced by the country’s president to Milli Majlis.

ABC.AZ reports that the relevant statement was made by Finance Minister Samir Sharifov during today’s budget discussions at the parliament. He noted that the budget envelope is drawn up with taking into account the new projects, socio-economic goals and is based on macroeconomic forecasts of Azerbaijan.

According to the minister, the main directions of budget spending in 2020 will be the implementation of strategic roadmaps on the key sectors of economy of Azerbaijan, including the financing of state programs and the measures at the expense of the State Budget: "The real economic GDP growth next year is projected at 3% and the nonoil sector growth 3.8%.

Traditionally, the social orientation of the budget will be ensured. State Budget revenues for 2020 will amount to AZN 24.134 bn. Revenues from the nonoil sector will account for AZN 10.605 bn (43.9%) and AZN 13.53 bn (56.1%) for the share of oil revenues. Budget revenues are projected to reach AZN 7.875 bn from tax authorities and AZN 4 bn from customs authorities."