At the 5 November joint session of the standing committees of Milli Majlis on economic policy, agrarian policy, social policy, on the issues of human rights and issues of natural resources, energy and ecology discussed was the Draft “On State budget of Azerbaijan Republic in 2004”.

Chairman of the standing committee on economic policy Sattar Safarov said: “The theses suggested in the election platform of the President of Azerbaijan Ilham Aliyev, played significant role in definition of the priorities of state budget for 2004. On contrary to the previous years, revenues and expenditures of the budget have been pointed accurately, and the forecasts for the coming three years found their reflection in the Draft.

Then, speaking was minister of finance Avaz Alakbarov, who said that volume of the GDP for nine months made up 25,7 trillion manat. Monthly wage averaged 377 thousand manat, while the level of inflation – 2 percent. Positive tendencies in the economy showed them in the execution of the state budget. Forecasts on state budget revenues for 2003 was fulfilled by 103,0 percent, which makes up 137,2 billion manat. For the said period, expenditures of the state budget made up 4 trillion 163 billion manat instead of the planned 4 trillion 411 billion manat.

43,8 percent of the incomes of state budget, or, 1 trillion 825,1 billion manat was directed to the social needs. These indices were taken into account in preparation of the 2004 state budget. The Draft has been prepared in accordance with the socio-economic conception and prognoses of country, State Program on poverty reduction and economic development for 2003-2005s.

In 2004, state budget revenues of Azerbaijan Republic will make up 18,7 percent of GDP, in figures – 6 trillion 957 billion manat, which by 865 billion exceeds the previous year. Proportion of tax bodies in the budget revenues is envisioned as 66,6 percent, of customs bodies – 16,1 percent, while other earnings – 17,3 percent.

Revenues of free budget for 2004 will make up 9 trillion 965,6 billion manat, or, 26,7 percent of GDP. The higher-level deficit in the state budget is defined as 315000 million manat. Expenditures of the state budget for 2004 are envisaged as 7 trillion 272 billion manat, which is by 849 billion manat more than 2003.

The parliamentarians decided to submit the Draft for consideration at the Milli Majlis.

First deputy Speaker of Milli Majlis Arif Rahimzade, deputy speaker Govhar Bakhshaliyeva, heads of the ministries of economic development, communications and transport, other ministries and committees attended the discussions.