"The upper limit for the non-oil budget deficit for the current year is set at 27.5 percent."

APA reports that this was discussed at a joint meeting of the Parliamentary Committees on Economic Policy, Industry and Entrepreneurship and Labor and Social Policy during the discussion of the draft law "On Amendments to the Law of the Republic of Azerbaijan on State Budget 2022" (first reading). Minister Samir Sharifov said.

Samir Sharifov noted that during the amendments to the state and consolidated budgets, the target of 20 percent of public debt targets set in accordance with the budget rules is fully met.

According to him, the necessary expenditures on the state and consolidated budgets will be financed as follows:

- Due to additional non-oil revenues - 1 billion 351 million manat;

- Due to additional oil revenues - 848 million manat;

- Due to the relocation of unused expenditures in the state budget through the revision of expenditures - 561 million manat;

- 181.0 million manat due to the balance of the "Roads" Target Budget Fund at the beginning of 2022 and 2.3 million manat due to the balance of the "State Fund for Environmental Protection";

- Due to domestic borrowing as a source of financing the enlarged state budget deficit - 43 million manat.

The Minister of Finance said that as a result of the revision, the state budget revenues for 2022 are projected at 29 billion 198 million manat, which is 2 billion 382 million manat or 8.9 percent more than the approved figure.

53.2% or 15537.5 million manat of the revised state budget revenues in 2022 fall to the oil sector, 46.8% or 13660.3 million manat to the non-oil sector.

Compared to the approved figures for 2022, revenues in the oil sector will increase by 847.5 million manat or 5.8 percent, and in the non-oil sector - by 1534.3 million manat or 12.6 percent.