BAKU, Azerbaijan, May 30. Azerbaijan's consolidated budget revenues for 2023 should increase by 30 percent, while expenditures will increase by almost nine percent, Trend reports.
According to the Ministry of Finance of Azerbaijan, revenues of the revised budget should amount to 42.9 billion manat ($25.2 billion), which is 30 percent more than the approved figure (an increase of 9.9 billion manat or $5.8 billion).
The ministry forecasted that the expenditures will amount to 41.2 billion manat ($24.2 billion), which is 8.5 percent or 3.2 billion manat ($1.8 billion) more than the approved indicator, and 17.5 percent or 6.14 billion manat ($3.6 billion) more than the expenditures compared to the performance indicator of 2022.
Although the consolidated budget will have a deficit of 4.9 billion manat ($2.8 billion), additional revenues of 6.67 billion manat ($3.9 billion) will help create a balance of 1.7 billion manat ($1 billion).
Revenues of the State Oil Fund's budget, included in the consolidated budget, increased by 81.7 percent to 16.3 billion manat ($9.5 billion), which is 7.3 billion manat ($4.29 billion) more than the approved indicator of the current year.
The fund's budget expenditures will amount to 11.8 billion manat ($6.9 billion), which is four percent more than the approved indicator of the current year.
Revenues and expenditures of the budget of the State Social Protection Fund under the Ministry of Labor and Social Protection of the Population will amount to 6.26 billion manat ($3.68 billion) with an increase of 0.1 percent, while incomes and expenditures of the Unemployment Insurance Fund will make up 217.7 million manat ($128 million) with an increase of 2.4 percent.
Within the framework of the budget of Azerbaijan's Nakhchivan Autonomous Republic, it's planned to increase its own revenues by 19.9 million manat ($11.7 million), financing of some state bodies (9.9 million manat or $5.8 million) is expected to be provided through centralized expenditures of state budget with a deduction from the local budget.
As a result, subsidies from the state budget allocated to the Nakhchivan Autonomous Republic's budget will be reduced by 29.8 million manat ($17.5 million), or 6.2 percent. Thus, the revenues and expenditures of Nakhchivan Autonomous Republic's budget will amount to 604.8 million manat ($355.7 million), which is 1.6 percent less than the approved figure.
The new budget review will also include budget and public debt ceilings, the respective parameters of which are set for the end of 2023 in accordance with the fiscal rule.
In 2022, Azerbaijan's consolidated budget revenues amounted to 42.28 billion manat ($24.88 billion), which was 5.5 billion manat ($3.2 billion) or 15 percent more compared to the forecast.
