Azerbaijani parliament discusses changes to 2023 state budget

Draft amendments to the law "On the state budget of the Republic of Azerbaijan for 2023" were submitted for discussion in the first reading at the Milli Majlis plenary session on June 6.

Tahir Mirkishili, chairman of the parliamentary committee on economic policy, industry, and entrepreneurship, submitted the project, Report informs.

The creation of the necessary financial support for the implementation of additional measures and projects in the liberated territories, ensuring and protecting the inviolability of the country's borders, and modernisation of ammunition and army logistics are all emphasized in the document.

Given this, additional funds in the amount of 1.1 billion manats [$649,191,557] are required to strengthen the country's defence and security capabilities. The current year's state budget includes funds in the amount of 3 billion manats [$1.7 billion] for the restoration of liberated territories. To complete the tasks under the I State Program of the Great Return, additional funds in the amount of 2.2 billion manats [$1.3 billion] are required.

The revised state budget for 2023 will increase state budget revenues by 3 billion manats [$1.7 billion], or 9.8 per cent, to 33,7 billion manats [$19.8 billion], up from the approved 30.7 billion manats [$18 billion]. State budget expenditures will rise by 3.2 billion manats [$1.8 billion], or 9.6 per cent, to 36.5 billion manats [21.4 billion], up from the approved 33.3 billion manats [$19.5 billion]. The state budget deficit will be 2.7 billion manats [$1.6 billion], which is 210 million manats [$123 million] or 8.1 per cent higher than the approved (2,5 billion manats [$1.5 billion]). The deficit-to-GDP ratio at the end of this year will be 2.5 per cent.

The revenues of the revised total budget for 2023 are projected at 42.9 billion manats [$25.2 billion], which is 9.9 billion manats [$5.8 billion] or 30 per cent more than the approved one. The total budget expenditures are projected at the level of 41.2 billion manats [$24.2 billion], which is 3.2 billion manats [$1.9 billion] or 8.5 per cent more than approved. Although the total budget is projected to have a deficit of 4.9 billion manats [$2.9 billion], a surplus of 1.7 billion manats [$1 billion] will be created due to additional revenues of 6.6 billion manats [$3.9 billion].

Then the deputies will discuss the project.