The Azerbaijan State News Agency



President of Azerbaijan Republic Ilham Aliyev has approved amendments and changes to state budget for 2004. Incomes and outcomes of budget will increase 516,4 billion AZM according to changes.

Minister of finance Avaz Alakbarov revealed the sources. 201,4 billion AZM is surplus resource remained from previous year, while 315 billion AZM will be formed at the expense of additional tax and customs fees.

The Government of Azerbaijan focused on social condition of population and funding of infrastructure projects implementing changes to budget expenses. It was also considered to allocate 146 billion AZM to strengthen material-technical basis of defense ministry and raise salaries of servicemen. 108,1 billion will be allocated to rise of minimum wage, 100 billion AZM to reconstruction and illumination of roads and streets of Baku.

As was stated, 736 billion is to reserve the Fund of the Cabinet of Ministers, 25 billion AZM to State conversion and special machine-building committee, 40 billion to construction of Ganja airport, 15 billion to State Customs Committee, 9 billion AZM to raise of salaries of the Ministry of National Security’s staff and 300 million AZM to raise of compensation of Chernobyl handicapped. Incomes of state budget will increase 23,2 percent comparing to 2003.

Budget deficit remained unchanged, that is 315 billion AZM. This is not final capability of the budget. Mr. Alakbarov said 250 billion AZM allocation was added to budget as results of high oil prices. Government is not willing to spend these resources as sudden decrease of prices might complicate the situation. Finance minister believes amendments to budget will not affect price raise. Import of technical equipment from abroad will not affect price change.

The remained resources are drawn from turnover, which will not change the situation. However, Avaz Alakbarov does not call it proper to keep inflation rate on 1,5-2 percent rates. Azerbaijan holds 12th place among the CIS states according to the official returns.

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