Defence, security to account for 15 pct of state budget in 2022

By Azernews

By Ayya Lmahamad

Finance Minister Samir Sharifov has said that 15 percent of Azerbaijan’s state budget expenditures for 2022 are planned to be allocated for defence and security.

He made the remarks during the discussions of the 2022 Azerbaijani state draft budget at a plenary parliament session on November 16.

The minister underlined that it is planned to allocate AZN 4.4 billion ($2.6bn) for defence and security expenditures next year.

He added that AZN 35 million ($20.6M) is planned to be allocated to improve the living conditions of servicemen.

Increasing funds for state mortgage

Sharifov said that it is planned to allocate AZN 95 million ($55.9M) from the 2022 state budget for financing mortgage projects to improve the provision of housing to the population. It was noted that it is by 34 percent more compared to the current year.

The minister noted that to improve the social situation of the population, social expenditures in the state budget for the next year will be increased.

He added that the amount of funds for targeted social assistance in the 2022 state budget is planned to increase to AZN 258 million ($151.8M).

State Oil Fund transfers

The minister said that this year’s transfers from the State Oil Fund to the state budget were not used in full.

He noted that higher-than-expected oil prices increased the revenues of the State Oil Fund and the budget.

“In 2021, transfers from the State Oil Fund to the budget were not fully used, which will allow to reduce them in 2022,” Sharifov said.