Finance Minister: Expenses of Azerbaijan`s consolidated budget already reach AZN 29.5 bn


October 17, Fineko/abc.az. “Expenditures of Azerbaijan’s consolidated budget already reach AZN 29.5 bn. We have AZN 1.3 bn of additional expenditures. Azerbaijan expects to direct those expenditures mainly for public capital investments,” stated Finance Minister Samir Sharifov at the economic meeting chaired by President Ilham Aliyev.

"This year, many social reforms have been financed from the State Budget. As a result, there have been some structural changes in the budget, and current budget expenditures, i.e. socially-oriented expenditures, have increased by AZN 3.7 bn, while investment expenditures of state capital investments have decreased. Taking into account the positive impact of investment spending on the economic growth of GDP, as well as the importance of ensuring economic activity in the country, the measures are being taken to bring it to previous levels," the minister emphasized.

Sharifov also underlined that as a result of the measures taken, additional funds were created in the amount of AZN 1.3 bn that growth of 7.7%. Having proposed to cut annually the expenditures financed due to oil revenues, the minister stressed that the increase of the State Budget financing will be ensured due to additional revenues and recovery of money not collected in previous years.