Finance Minister: We managed to ‘insure ourselves’ by putting a low oil price in budget


May 25, Fineko/ "The last two years have been difficult from angle of forecasting."

ABC.AZ reports that Azerbaijani Finance Minister Samir Sharifov stated about this during the discussion of the Bill on the execution of the State Budget for 2021 at today's meeting of the Milli Majlis Committee on Economic Policy, Industry & Entrepreneurship.

"In particular, some processes took place in 2021. There was an imbalance between supply and demand. The problem of the current food crisis also began last year," the minister said.

He added that no one can accurately predict the price of oil on the world market: "Last year the price was higher than what we expected. We were able to insure ourselves by budgeting a low price. This policy will continue in the

"Because of the coronavirus pandemic (COVID-19) in 2020, we had to change many of our forecasts. Azerbaijan's GDP growth for 2021 was projected at 3.4%, but it increased by 5.6%," Sharifov added.