11:24 - 18.02.2019

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February 18, Fineko/abc.az. The Ministry of Finance of Azerbaijan is holding today forum "Taxes. Transparency. Development".

Ziyad Samedzade, the head of the Parliamentary Committee on Economic Policy, Industry & Entrepreneurship, stated during the forum that one of the important directions of government’s work is to reform the budget system.

"All main socially important projects are implemented at the expense of the state. The state covers all costs associated even with climate change, force majeure, even an earthquake. All this suggests that Azerbaijan should continue measures aimed at developing the financial system, in particular, the banking and insurance system," Samedzadeh said.

He pointed out that one of the important topics is also development of the budget system, in particular, the increase in budget expenditures that is 5-6 fold lower in Azerbaijan than in developed countries.

"As a result of the ongoing reforms, we’ve achieved bringing budget expenditures to 30-35% of GDP, but now we must achieve the retention of this indicator," the MP said.