Transfer of AZN 880 million is planned from public debt management fund


December 24, Fineko/abc.az. For the first time the State Budget revenues stipulate other sources (in comparison with previous years), related to the non-oil sector - contributions to the Central Bank's profit in the amount of AZN 250 million and transfer from the Fund for ensuring obligations on public debt and guarantees in the amount of AZN 880 million.

ABC.AZ reports that the above-mentioned statement was made by Azerbaijan Accounting Chamber’s chair Vugar Gulmammadov during the discussion at Milli Majlis.

He noted that the mobilization of all revenues is determined by the coverage of government’s expenditures at the expense of taxes and other mandatory payments collected from the real sector, as well as the reduction of dependence on oil revenues with parallel expenditure management.

"International financial institutions have already noted the actuality of medium-term mobilization of earnings, and recommended the development of a strategy in this direction," Gulmammadov said.