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Oil Fund (SOFAZ)


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Ministry of Finance: H1 state budget was executed with deficit of AZN 770.7 mln

 The deficit was covered by surplus of 2014’s single treasury account and privatization

In the first half of 2015, the receipts of the state budget made AZN 7,807,200,000, expenditures – AZN 8,577,900,000. Consequently, the deficit amounted to AZN 700.7 mln, APA-Economics reports quoting statement of the Finance Ministry for execution of state budget in the first half of 2015. 

According to statement, the receipts made AZN 7,807,200,000, up 1.2% from forecast (AZN 7,717,000,000). 

Ministry of Taxes fulfilled the forecast by 100.2% transferring AZN 3,328,800,000. Of this, ZN 2.275 bln or 68.3% came from non-oil sector, up 11.4% points from previous year. 

State Customs Committee fulfilled the forecast by 100.3% and transferred AZN 765.3 mln to state budget, up AZN 4.4% or AZN 32.5 mln. 

Receipts from paid services of the organizations funded by state budget amounted to AZN 110.1 mln, other receipts – to AZN 41.4 mln. 

State Oil Fund of Azerbaijan (SOFAZ) transferred AZN 3,561,600,000. 

Budget expenditures was fulfilled by 85% or AZN 8,577,900,000. 

In the six months of 2015, AZN 4,432,200,000 or 51.6% was directed to the current expenditures. Current expenditures mainly cover salaries of persons working at budget organizations, pensions and social benefits, communal and communication, reconstruction works. 

AZN 3,855,300,000 or 44.9% went to capital expenditures. 

AZN 299.4 mln or 3.5% went to public debt and expenditures for liabilities. 

Deficit amounted to AZN 770.7 mln and was covered by surplus of 2014’s single treasury account and privatization. 

In the second quarter of 2015, budget receipts made AZN 3,868,400,000, expenditures – AZN 4,388,000,000. 

Incomes of consolidated budget stood at AZN 9,035,400,000, expenditures – AZN 9,907,100,000.


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