Azerbaijani parliament adopts budget for 2023

Azerbaijani parliament adopts budget for 2023

Today, the Milli Majlis (Parliament) of Azerbaijan adopted the country's state budget for 2023 at the final reading, the Parliament's press service reports.

"When forming the country's main financial document for the next year, the base price of one barrel of oil is set at $50", it was reported.

Azerbaijan's state budget revenues for 2023 will amount to 30,77 billion manats ($18,1 billion), expenditures will amount to 33,35 billion manats ($19.6 billion). The state budget deficit will amount to 2,58 billion manats ($1,5 billion), or 2.4% of GDP. 53% of state budget revenues are planned to come from the oil sector.

Defense and security spending will amount to 5,3 billion manats ($3,1 billion), spending on the social sphere will be 15,2 billion manats (about $9 billion). In addition to this, 3 billion manats (about $1,8 billion) will be allocated to the restoration of the liberated territories in Karabakh. This is 12,4% more than this year.