Minister: Revenues to cover 89.7% of Azerbaijan’s state budget expenditures in 2022

Revenues of the state budget, which will ensure the financing of 89.7% of the state budget expenditures in 2022, are projected at 26.816 billion manats ($15.78 billion). This is 1.389 billion manats ($817.55 million) or 5.5% more than the approved figure for the current year, and 739 million manats ($434.97 million) or 2.8% more than the expected performance, Azerbaijani Finance Minister Samir Sharifov said at a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship on the discussion of the 2022 state budget envelope, Report informs.

“Oil revenues will account for 54.8% or 14.69 billion manats ($8.64 billion), and non-oil revenues will make 45.2% or 12.126 billion manats ($7.13 billion). Next year, the State Tax Service under the Ministry of Economy will receive 8.82 billion manats ($5.19 billion), which is 1.57 billion manats ($924 million) or 21.7% more than the approved figure for the current year. It is also 376 million manats ($221.3 million) or 4.5% more compared to the expected performance.

The State Customs Committee (SCC) is expected to transfer 4.26 billion ($2.5 billion) manats to the state budget, an increase of 360 million manats ($211.89 million) or 9.2% than the approved figure for the current year, and 95 million manats ($55.9 million) or 2.3% more than expected performance.

Revenues from privatization in the amount of 114 million manats ($67.09 million), foreign and domestic borrowing of 1.693 billion manats ($996.47 million) and the balance of the treasury single account in the amount of 1.256 billion manats ($739.26 million) will cover the budget deficit,” the minister said.