BAKU, Azerbaijan, November 12. Azerbaijan aims to reduce the consolidated budget's non-oil primary deficit as a share of non-oil GDP to 12% by 2030, Deputy Finance Minister Himalay Mamishov said, according to Trend's correspondent.
He made the remarks on Thursday, November 12, during a joint meeting of the parliamentary committees on Youth and Sports, Public Associations and Religious Institutions, and Culture, where the draft law "On the State Budget for 2027" was discussed.
"The ratio of the consolidated budget's non-oil primary deficit to non-oil GDP is projected at 17.1% in next year's state budget, down 1.7 percentage points from this year. Our key medium-term targets include bringing this figure down to 13% by 2029 and 12% by 2030," he said.
Mamishov added that the share of non-oil revenues in the consolidated budget would reach 64.5%, up 1.5 percentage points from this year, which he described as one of the key indicators of reduced dependence on oil. The figure is expected to rise to 70.4% by the end of the medium-term period.
He also noted that next year's budget would have a strong investment focus, with capital expenditures accounting for 32.5% of total state budget spending, a share significantly higher than in other countries in the region.
"Another positive development is that all our districts will fully cover their expenditures from their own revenues next year. This means that, for the first time, none of our districts will depend on subsidies. Meanwhile, the further increase in Nakhchivan Autonomous Republic's own revenues will allow us to reduce the subsidy allocated to the region next year by 6.4%," he said.
