Yesterday Azerbaijani parliament approved the draft of state budget of the country for fiscal year 2016.
According to the draft budget, the state budget incomes for fiscal year 2016 are forecast to be 14,566,000,000 AZN (decline by 25.1% against the forecast for year 2015), while costs – 16,264,000,000 AZN (decline by 22.9%). The budget deficit is forecast to be 1,698 AZN or 2.9% of GDP.
The state budget for fiscal year 2016 is based on the average oil price of $50.00 per barrel.
The proceeds of the Taxes Ministry to the state budget are forecast to be 6,602,000,000 AZN, while proceeds of the State Customs Committee – 1,590,000,000 AZN. The transfers from the Oil Fund to the state budget are planned to be 6 billion AZN (the Oil Fund’s incomes are forecast to be only 6,711,600,000 AZN with the costs of 8.2 billion AZN), the rest will be the remaining costs.
In 2016 the state budget deficit without incomes of the State Oil Fund (SOFAZ) will total 7,698,000,000 AZN ($7.34 billion at the current exchange rate).
