The Cabinet of Ministers of the Republic of Azerbaijan has amended the resolution dated May 24, 2004, regarding the approval of the "Rules for the preparation and execution of the state budget." According to Operative Information Center-OMM, Prime Minister Ali Asadov has signed a new decree to this effect.
Under the new regulations, the free balance of the single treasury account will be directed toward financing the state budget deficit and specific expenditures. These include the extra-budgetary expenses of local executive authorities, funded by a portion of tax revenues exceeding year-end forecasts, and the unused funds of the State Labor Protection Fund. Additionally, the balance will cover expenditures related to the sale of apartments by the Ministry of Labour and Social Protection of Population when actual revenues fall short of projected costs, as well as increasing the assets of the Guarantee Fund for State Debt and Guarantees in amounts agreed upon with the President of Azerbaijan.
The single treasury account system in Azerbaijan serves as a centralized tool for managing state financial resources, ensuring transparency and efficiency in the allocation of public funds. By formalizing the redistribution of surplus balances, the Cabinet of Ministers aims to strengthen fiscal discipline and provide a robust mechanism for addressing unforeseen budgetary gaps. This move aligns with Azerbaijan's ongoing economic reforms to optimize state expenditure and ensure the stability of the national financial system amid global economic fluctuations.
