Azerbaijani Parliament approves amendments to state budget for 2019 in 2nd reading

Amendments to the Law on the State Budget of Azerbaijan for 2019 were discussed at an extraordinary meeting of the Azerbaijani Parliament on July 9, Trend reports.

Due to the increase in the minimum pension and wages, it became necessary to increase the budget of the State Social Protection Fund under the Ministry of Labor and Social Protection of Population by 200 million manats, and the Fund’s revenues and expenditures from residual funds resulting from the implementation of the Unemployment Insurance Fund’s budget by 15 million manats.

To cover these costs, an additional flow of funds at the expense of compulsory state social insurance contributions is planned for 2019, in the amount of 350 million manats.

In this regard, it is envisaged to increase the top level (limit) of budget expenditures in 2019 by 215 million manats to finance additional costs, while respecting the requirements of the Law on Budget System, and to reduce the amount of funds allocated from the state budget to the Fund to balance the income and expenses of the State Social Protection Fund, by 150 million manats.

Following discussions, the amendments were put to vote and adopted in the second reading.