The Minister of Finance of Azerbaijan has approved the report on execution of the state budget for 2018


April 12, Fineko/abc.az. A meeting of the Board of the Ministry of Finance of Azerbaijan was held on the implementation of the state budget of 2018 and the tasks set.

As Minister Samir Sharifov said during the meeting, the country's foreign exchange reserves exceeded the state debt by 5 times, and amounted to 94.8% of GDP.

"Revenues of the consolidated budget in 2018 amounted to 30.925 billion or 6.849 billion more than in 2017, expenditures amounted to 26.457 billion manats or 1.274 billion manats more than in the previous year. Although the consolidated budget was forecast with a surplus of 1.549 billion manats, the actual surplus amounted to 4.468 billion manats," the Minister said.

According to him, the state budget revenues amounted to 22,509 billion manats or 360 million manats more than the forecast and 6 billion manats more than in 2017. Revenues from the non-oil sector amounted to AZN 9.108 billion and were executed by 103.5% or AZN 305 million more than the forecast. Budget expenditures were executed by 98.4% or 5.137 billion manats more than in 2017 and amounted to 22.731 billion manats.

"The state budget deficit amounted to 223 million manats, which is equal to 0.3% of the country's GDP. Financing of the deficit was provided by the placement of securities in the financial markets and funds received from privatization," the Minister said.

The Minister also noted that in 2018, the implementation of the strategy for managing the public debt in the medium and long term and as a result of the measures implemented, the ratio of the state budget to GDP from 22.8% from the beginning of the year to 19% by the end of the year.

Following the meeting, it was decided to submit to the Cabinet of Ministers a report on the implementation of the law on the state budget of 2018.