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Defense Expenditures In Azerbaijani Budget Worth 65% Of Total Armeni

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  • Defense Expenditures In Azerbaijani Budget Worth 65% Of Total Armeni

    DEFENSE EXPENDITURES IN AZERBAIJANI BUDGET WORTH 65% OF TOTAL ARMENIAN BUDGET

    Regnum News Agency, Russia
    Oct 12 2005

    On October 11, Azerbaijani Parliament discussed the draft law on
    the budget-2006. Presenting the document, Chairman of the Parliament
    Committee for Economic Policy, Sattar Safarov noted that this year's
    draft differs from the previous budgets by a considerable growth of
    revenues and expenses, by 66.7% and 61.9% accordingly.

    According to Chairman of the National Bank of Azerbaijan (NBA) Elman
    Rustamov, $650 million from this budget will be spent on defense
    improvement. That is approximately 65% of the whole Armenian budget
    (that is worth $1 billion). In 2007 defense expenditures will be
    equal to the Armenian budget.

    According to Rustamov, in 2006 inflation rate will stay at 9%, the
    rate of manat will rise because of currency flow in the country. The
    GDP is forecast to be at 30.5%, but if the price of per barrel of oil
    will rise from $40 to $50, the GDP growth would reach 40%. Chairman
    of NBA also said that equity market of Azerbaijan is only 0,4% of GDP
    (for comparison, in Russia it is 18%, and 26% in Kazakhstan).
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