BAKU, Azerbaijan, April 2.
Azerbaijan’s Finance Ministry plans to cut back the price range deficit,
when in truth, the price range could also be executed with a surplus, Gulnara
Khaidarshina, Deputy Head of Research at Russian Gazprombank, informed
Trend.
According to her, in 2023, Azerbaijan’s fiscal coverage
will likely be extra conservative than on the peak of the pandemic, when
large-scale fiscal stimulus was wanted to revive the economic system.
“In 2023, it’s deliberate to cut back the deficit to 2.4
p.c of GDP from 3.6 p.c of GDP and 4.1 p.c of GDP
(deliberate stage) in 2022 and 2021, respectively. The price range for 2023
relies on the conservative oil worth forecast of $50 per barrel,”
she stated.
“Meanwhile, regardless of the decline to $78 per barrel due
to the elevated dangers of the US banking system, the worth of Brent
oil stays 1.6 occasions larger than the budgeted stage. According to
our estimates, even when oil costs stay at these ranges till the
finish of the yr, Azerbaijan’s price range may be executed with a surplus
of about 1 p.c of GDP,” she stated.
According to the State Statistics Committee of
Azerbaijan, from January by means of February 2023, state price range
revenues exceeded 5.87 billion manat ($3.45 billion), which is 27.1
p.c greater than the identical interval final yr.
State price range expenditures reached 3.66 billion manat
($2.15 billion), which is 36.3 p.c greater than from January
by means of February 2022.
Thus, a surplus of two.21 billion manat ($1.3 billion)
shaped within the state price range on the finish of February 2023.
