Azerbaijan to increase 2007 budget 8%

Deputy Finance Minister, Azer Bayramov, told the meeting that the gross domestic product- the output of goods and services produced by labor and property in the country- grew by 39.7%, year-on-year, during the first four months of 2007.

"Capital investment through all financial sources rose 12.3%, average monthly salary jumped 26.2%, chargeable services leaped 37.6%, deposits surged 61.8%. The total amount of currency reserves of the National Bank, State Oil Fund (SOFAZ) and Finance Ministry beat $4.1 billion. We saw high performance during the first quarter and the budget revenue reached AZN 1.088 billion, up AZN 400 million from last year and expenditures reached AZN 834 million, up AZN 170 million from the same period last year. Investment expenditures totaled to AZN 239 million and social expenditures were AZN 420 million," he added.

He noted that the 2007 budget income is planned to be increased by AZN 435.2 million, up 8.2% from the present forecast or 49.2% more than last year's.

"If approved by parliament, the portion of budget revenues in Gross Domestic Product will reach 25.5% or 3.8% more than a year earlier," he noted.

Bayramov added that the budget incomes will come AZN 260 million from the Taxes Ministry, AZN 140 million from the State Customs Committee, AZN 15.9 million from budgetary organizations, AZN 7.3 million from bank dividends and AZN 12 million from earnings from management of excessive coffers.

He underlined that it is planned to increase the 2007 state budget by AZN 600.2 million to AZN 6.315 billion.

After discussion at the commission, the draft amendments were submitted to the parliament for approval. APA-Economics