12:33 - 14.01.2020

---

January 14, Fineko/abc.az. Surplus of AZN 7.34 bn was formed in the consolidated budget (4-fold more against the projected deficit).

ABC.AZ reports that the relevant statement was made by Finance Minister Samir Sharifov at the 13 January meeting dedicated to the results of 2019 and chaired by President Ilham Aliyev.

The minister added that the surplus was projected at the level of AZN 1.8 bn, but it turned out to be almost 4-fold more.

"This was achieved due to the growth of revenues of the State Oil Fund. This growth can also be divided mainly into two directions. First of all, the estimated price of oil in the budget is less than the actual prices, that is, if the budget had envisaged the oil price of 60 dollars, the average annual price for the profit of the Oil Fund would have been about 64-65 dollars. However, in the past year, there has been a significant increase in revenues received from the management of the Oil Fund. In other words, more than AZN 3.5 bn were collected against the planned amount of AZN 1.4 bn. That is, more than AZN 2 bn. At the same time, another reason for the surplus of the consolidated budget is linked with the absence of deficit in the State Budget."

By Elmir Murad