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Azerbaijan may revise oil price in state budget for 2018

22 May 2018 [17:17] - TODAY.AZ

By  Trend

The base oil price of $45 a barrel in Azerbaijan's 2018 state budget, may be raised to $55 a barrel, Azerbaijani MP, member of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship, Ali Masimli said.

He made the remarks at the committee meting on the bill "On execution of the 2017-state budget of Azerbaijan ".

He stressed that today, the actual price of oil is much higher than $45 per barrel.

"The state budget can be submitted for discussion in mid 2018. If we receive such a proposal from the government, I believe the optimal price will be $55 per barrel," Masimli said.

He went on to say that the issue of financing the increase of salaries in the country is on the agenda.

"The increase in salaries began in March, in some organizations - since May. According to initial estimates, additional funds in the amount of 600 million manats will be needed. The issue can be resolved through structural changes, raising additional funds or thanks to a positive difference achieved from the rising oil prices," he said.

Revenue part of the 2018 state budget is forecast to total 20.127 billion Azerbaijani manats (including centralized revenues in the amount of 19.473 billion manats, local revenues in the amount of 653.353 million manats), while expenditures are expected to amount to 21.047 billion manats (including centralized expenditures in the amount of 20.323 billion manats, local expenditures in the amount of 723.925 million manats).


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