Accountancy Chamber praises budget

Chairman of the Accountancy Chamber, a newly established entity to enforce financial control over the state budget, Namiq Nasrullayev provided the chamber’s first opinion of the budget draft for 2003 in a parliament session Tuesday.

Mr. Nasrullayev said the chamber held only limited financial and budgetary analyses this year. He praised the real growth rate of GDP and said budget inputs and outputs are expected to rise next year, as revenues will constitute 18.6 percent of GDP and expenditures 19.6 percent.

Also reporting to parliament on the 2003 budget package, chairman of the management board of the National Bank of Azerbaijan Elman Rustamov noted that the funds of the total budget growth of 1.293trln would be spent to better both economic and social development.

The budget draft was later debated by other MPs.*