Inglab Ahmedov: "The fact that oil price is fixed on the level of $70 in the budget of this year does not mean that the budget will have great losses"

He noted that as it was said every government is free to choose a strategy which it considers to be favorable in this issue and that the main thing is to now for which purpose it is done.

"For example in Russia oil price in the budget of this year was fixed on the level of $50, but at the same time there are disputes about the need to reduce this rate. In Kazakhstan and Iran the oil price in the budget if just $40, but Kazakhstan is also discussing possible price reduction even to $25. At the same time each of the aforementioned countries have their special scheme of interaction of the budget with stabilization fund.

I think the strategy of our government in this issue aims not to affect directly the main financial document of the country by the world price, especially in such an unstable period. It means that in most parts risks and fluctuations are laid on the fund, while comfortable conditions ensuring stable growth are created for the budget", said the economist.

At the same time, he noted that future will show whether this policy is correct.

"The policy of manipulating oil revenues will finally promote growth in the nonoil sector and the gradual elimination of oil dependance.

The only thing I can say now that if in early 2008 the share of oil and oil products was 80% in the overall volume of export, through 11 months of 2008 this indicator reached 99%", noted the economist.

/Day.Az/