Minister: State budget revenue executed by 110.8 pct over 5M2022

By Azernews

By Ayya Lmahamad

The state budget revenue was executed by AZN12.4 billion ($7.3bn) or 110.8 percent over the first five months of the year, Azernews reports per Finance Minister Samir Sharifov.

He made the remarks during the discussion of amendments to the law "On the state budget of Azerbaijan for 2022" at a meeting of the Parliament’s Committee on Economic Policy, Industry and Entrepreneurship.

He noted that it is by AZN2.7 billion ($1.5bn) or about 28 percent more than during the corresponding period of 2021.

"The non-oil sector accounted for AZN 6.3 million ($3.7m) of state budget revenues, which is by AZN 1.5 billion ($936,470) or 33.4 percent more compared to the same period last year," he said.

Funds allocation to finance additional costs over food prices rise

Sharifov noted that this year's state budget will allocate funds to finance additional costs due to rising food prices.

He stated that AZN 2 billion ($1.2bn) is planned to finance additional expenses in connection with rising food prices.

Oil and gas exports earnings

The committee chairman, Tahir Mirkishili, stated that the country's foreign exchange earnings from oil and gas exports have reached an almost equal level during the first five months of the year.

He noted that $3.8 billion was received from oil exports in January-May this year, and $3.5 billion from gas exports.

Directions additional budget funds to be spent on

Finance Minister Samir Sharifov stated that AZN1.4 billion ($850m), from the additional AZN2.9 billion ($1.7bn) to be allocated to the country's state budget in 2022, is planned to be allocated to finance projects to create road infrastructure in liberated lands, and to projects aimed at improving transport and communication infrastructure in other regions of the country.

Some AZN34 million ($20m) is planned to be allocated to finance the restoration and reconstruction of housing and non-housing facilities affected by the second Karabakh war in a number of regions and cities, and other settlements.

"AZN588 million ($345.8m) is planned to be allocated to further increase the defense capability and military power and to finance measures in the field of national security, and AZN519 million ($305.2m) - to finance obligations in the field of social protection, including the payment of wages and social benefits, and financial assistance for labor pensions," he said.

Moreover, the minister added that it is planned to allocate AZN193 million ($113.5m) to ensure food security measures, AZN163 million ($95.8m) to support measures related to the development of entrepreneurship, and AZN42 million ($24.7m) to provide a number of necessary utility and communication costs.