Azerbaijani President Ilham Aliyev on Wednesday approved the law on amendments to the law on the country’s state budget for 2020.

Axar.az reports that, based on calculations carried out given the updated macroeconomic forecasts for the current year, the revised state budget revenues for 2020 are envisaged in the amount of 24.124 billion manat ($14.19 billion), which is 35.3 percent of GDP.

After the proposed changes, the consolidated budget revenues will be nearly 5 billion manat ($2.94 billion) less than the current ones, and the consolidated budget deficit will amount to 8.436 billion manat ($4.96 billion). The decrease in the state budget deficit is due to the reduced international demand for petroleum products, as well as the introduction of incentives on some taxes.

As many as 600 million manat ($352.9 million) has been allocated from the state budget for the implementation of support programs. Extra-budgetary revenues of the state budget on taxes and fees shall be reduced by 890.5 million manat ($523.8 million), and the transfer of the State Oil Fund of Azerbaijan to the state budget and other state budget revenues shall be increased by 850 million manat ($500 million).

Given the above, the revised state budget expenses for 2020 will amount to 27.492 billion manat ($16.17 billion), of which 190 million manat ($111.7 million) will be allocated for placement of bonds in the domestic market.