13:25 - 7.11.2017

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November 7, Fineko/abc.az. Milli Majlis is ongoing discussions concerning the State Budget 2018.

In the course of the debates Finance Minister Samir Sharifov has stated that expenditures on social events in 2018 will amount to AZN 7 bn that makes up 33.5% of total expenditures and is by 2.2% more against the 2017 indicator.

"Also, State Budget 2018 will allocate financial assistance in the amount of AZN 650 million to the governmental agencies for direct and indirect social services to the population, and thus overall social costs will amount AZN 7.656 bn that makes up 8.6% more than in the current year," the minister said.

He points out that AZN 5.172 bn (1.5% more versus 2017) will be financed for social-oriented activities in such fields as science, education, culture, and public health sector.

"The main part of country’s budget expenditures or AZN 2 bn will be directed for education sector. AZN 171 million of finances will be allocated from the State Budget in order to increase the salaries of secondary school teachers following diagnostic assessment of their knowledge. AZN 16 million will be financed from the State Oil Fund of Azerbaijan (SOFAZ) to ensure education of Azerbaijani youth abroad. And AZN 487 million will be given for improvement of the social situation and living conditions of refugees and IDPs," Sharifov said.

The minister also underlined that as the Law on Unemployment Insurance will enter into force from 1 January 2018, governmental agencies will direct AZN 17 million to cover insurance premiums. AZN 150 million will be financed for improvement of housing conditions and real estate mortgage.

The State Budget 2018 revenues are projected to be at the level of $20.127 bn that makes up 29% of Azerbaijan’s GDP. Country’s budget expenditures for the next year will total AZN 20.906 bn. Consolidated budget revenues are forecasted to reach AZN 22.223 bn and expenditures AZN 26.67 bn.