Azerbaijan’s parliament has approved the amendments to the draft laws on “State budget of Azerbaijan republic for 2016”.

According to the revised state budget for 2016, the revenues make AZN 16,822,000,000, expenditures – AZN 18,495,000,000.

Revised revenues are AZN 2,256,000,000 or 15.5% more than approved forecast for 2016, revised expenditures – 13.7% than approved expenditures.

The revenues in the approved version of the 2016 budget made AZN 14,566,000,000, expenditures – AZN 16,264,000,000.

Upper limit of the budget deficit makes AZN 1,673,000,000, oil price - $25 a barrel.
Revenues of the revised consolidated budget are forecasted at AZN 15,738,600,000, down AZN 981.5 mln or 5.9% from approved budget. The decline is formed by reduction of SOFAZ revenues by AZN 3,230,300,000 as a result of fall of the oil price to $25 a barrel in the budget.

Expenditures of consolidated budget will increase 23.1% or AZN 4,610,200,000 to AZN 24,566,600,000. Consolidated budget deficit will make AZN 8,828,000,000, consolidated budget deficit excluding SOFAZ revenues - AZN 12,309,300,000.