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Azerbaijan to introduce new mechanism for managing state funds

Monday, June 6
A new electronic mechanism for the transparent management of state funds and their efficient distribution will be introduced in Azerbaijan in the next two years.

This is reflected in the action plan approved by President of Azerbaijan Ilham Aliyev for increasing favorability of the business environment in the country.

Under the plan, annual reports on receipt and expenditure of state funds will be discussed by independent international and local experts, civil society and inspection bodies. Foreign experts alongside local ones will be invited to audit the state budget.

Meanwhile, the plan says Azerbaijanís government will continue the state budget consolidation in 2017.

Revenues of Azerbaijanís 2017 state budget were approved at 16.255 billion manats and expenses at 16.9 billion manats. Budget projections are based on the oil price of $40 per barrel. The Azerbaijani government expects the state budget deficit to be at the level of 645 million manats in 2017.

The International Monetary Fund forecast Azerbaijanís GDP to be 59.7 billion manats in 2017.