Cabinet of Ministers tasks to draft 2018-state budget

By Azernews

By Nigar Abbasova

Azerbaijan’s Cabinet of Ministers has tasked the relevant ministries to draft the concept of socio-economic development, as well as a forecast for the 2018-state budget for timely submission to the President.

The draft state and consolidated budgets for 2018 and following three years should be presented to the Cabinet no later than September 15, 2017, while draft socio-economic concept should be submitted till September 10.

The Finance Ministry is due to prepare and submit the drafts of next year’s state budget and the consolidated budget, as well as figures for the next three years, while the Economy Ministry is responsible for the submission of the concept.

Revenues of the state budget for 2017 are forecasted at 16.255 billion manats ($8.75 billion), while expenditures are expected to stand at 16.9 billion manats ($ 9.10 manats).

Income of the state budget will be formed by revenues from the Ministry of Taxes (7.51 billion manats ($ 4.04 billion)), the State Customs Committee (2.2 billion manats($ 1.18 billion)), the State Committee on Property Issues (8 million manats ($ 4.31)), paid services of government-financed organizations (353 million manats ($ 190.2 million)), transfers of the State oil Fund of Azerbaijan (6.1 billion manats ($ 3.28 billion)) and other sources.

In 2017, expenditures of the state budget will be distributed as follows: defense (2.8 billion manats ($ 1.50)), science (118.5 million manats ($ 63.85 million)), education (1,733.4 million manats ($ 933.77 million)), healthcare (745.4 million manats ($ 401.6 million)), social protection and social security (2,053.1 million manats and others.

Revenues of the consolidated budget are forecasted at the level of 20.02 billion manats ($ 10.78 billion), expenditures at 21.267 billion manats ($ 11.45 billion).