President approves higher limit of ratio of non-oil base consolidated budget deficit to non-oil GDP

Azerbaijani President Ilham Aliyev has signed a decree approving the upper limits of the ratio of the non-oil base deficit of the consolidated budget to non-oil gross domestic product (GDP) and the public debt to GDP for the medium term, as well as the upper limit of the ratio of the non-oil base deficit of the consolidated budget to non-oil GDP for the end of 2022.

Under the decree, the upper limit of the ratio of the non-oil base deficit of the consolidated budget to the non-oil GDP for the medium term is set at 20 percent, and for the end of 2022 - 27.5 percent. The upper limit of the ratio of public debt to gross domestic product for the medium term is established at a level of 20 percent.

The Cabinet of Ministers was tasked to resolve issues stemming from the decree.