By AzerNews

By Akbar Mammadov

Azerbaijan’s parliament adopted the amendment to the state budget for 2020 in the session held on August 5, the parliament’s website said on August 5.

Under the amendment, based on the updated macroeconomic forecasts for the current year, the adjusted revenues of the state budget for 2020 are projected at $14.2 billion (AZN 24,124 billion), which amounts to 35.3 per cent of GDP. The adjusted expenditures of the state budget for 2020 will amount to $16.18 billion (AZN 27,492 billion).

Centralized revenues will amount $13.7 billion (AZN 23,359 billion), local revenues $0.5 billion (AZN 764,535 million), centralized expenditures $15.7 billion (AZN 26, 677 billion), local expenditures $479,623 billion (AZN 814,870 billion).

Thus, after the proposed changes, the budget revenues will be about $2,94 billion (AZN 5 billion) less than current revenues, the deficit of the state budget amounts $1,98 billion (AZN 3,368 billion).

The reduction in state budget deficits is due to the decline in demand for oil products in domestic markets, as well as the introduction of a number of concessions on taxes. In this regard, $111.8 million (AZN 190 million) will be allocated for the placement of bonds in the domestic market.