OREANDA-NEWS. May 19, 2011. The Bill on introduction of amendments to the law on Azerbaijani state budget of 2011 has been submitted to the Parliament.

Azerbaijan Finance Ministry reports that the amendments assume increase of forecast for oil export price from USD 60 to USD 80 per barrel. Only in the first quarter state budget received AZN 193.5 million and State Oil Fund (SOFAZ)- AZN 976.4 million due to the higher ,than expected prices.

Increase of the forecast allowed to propose increase of state budget revenues for 2011 by AZN 3.493 bn  (+29%)- up to AZN 15.554 bn. At that AZN 770 million of additional profit will come from taxes and customs fees and AZN 2.7 bn –as transfer from SOFAZ.

At that budget expenditures will be increased by AZN 3.193 bn (+25%) – up to AZN 15.941 bn. As a result the limit of deficit budget will reduce from AZN 687 million to AZN 387 million.

In the process of increase of expenditure part of budget state investment expenditures will rise by AZN 2.484 bn (+73,5%)- up to AZN 5.864 bn.

At that the limit of consolidated budget rises up to AZN 18.634 bn and its surplus –up to AZN 5.864 bn.