Baku: The Chairman of the Chamber of Accounts of the Republic of Azerbaijan, Vugar Gulmammadov, announced a significant change in the country’s budget planning during a meeting of the Milli Majlis Committee for Economic Policy, Industries, and Enterprising. For the first time in recent years, the initial price of oil in the budget has been set at $70. This announcement was made during a discussion on the “State Budget of the Republic of Azerbaijan for 2025” draft law.

According to Azeri-Press News Agency, Gulmammadov highlighted that changes to the budget rule are only planned for the end of the medium-term period. He also pointed out that unlike previous years, macroeconomic indicators and scenarios have not been included in the budget draft. There is an anticipated increase in current and debt service expenditures, while basic expenditures are expected to decrease. Concerns regarding this risk indicator were shared in the budget’s explanation, reflecting the potential challenges posed by the set oil price.