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Azerbaijan revises oil prices forecast in 2012-state budget

Rising oil prices on world markets contributes to increase in the income of the State Oil Fund of Azerbaijan (SOFAZ) additionally by 3.625 billion manat, which will increase incomes of the consolidated budget for 2012 by 19.9 percent, Azerbaijani Finance Minister Samir Sharifov said on Saturday at the meeting of the Parliamentary Committee on economic policy during the debate of the bill on amendments to the state budget of 2012.

“We take into account the new projections for oil prices when projections for revenue on the oil sector change, ” the Minister said. Forecast for oil prices in the state budget is increased from $80 to $100 per barrel of oil.

“As a result of the growth of budget revenues, the consolidated budget expenditures will increase by 705 million manat or 3.5 percent, ” Sharifov said. “Thus, the consolidated budget surplus is projected at 938 million manat, whereas previously it was set with a deficit”.

Under the amendments, revenues and expenditures of the state budget will increase by 600 million manat and amount to 17.038 billion manat, and 17.672 billion manat, respectively. The main reason for adjusting the budget projections is in accordance with the instructions of the President of Azerbaijan, is providing additional funding to cover the damage caused by the earthquake to population and socio-economic infrastructure of Zagatala, Gakh and Balakan regions in the north-west of the country.

Source: Center for Economic and Social Development (CESD)

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