OREANDA-NEWS. November 02, 2011. The Azerbaijani Finance Ministry has declared that a draft law on state budget for 2012 transfers to medium-term budget planning.

Deputy finance minister Azer Bayramov has claimed today in Baku that they transfer to medium-term budget planning, and this year draft budget (for 2012) was drafted as semi-articles, i.e. to date, a budget for the current year plus another 3 years, has been developed.

"We believe that four-year forecasts do not require great accuracy," Bayramov said.

He added that later this November Milli Majlis is expected to consider the draft budget for 2012.

"The budget envisaged for 2012 is sufficiently conservative in comparison to this year. Growth is expected at the level of an increase in the non-oil sector that is estimated as continuation of strategic goals this year. State Oil Fund’s transfers to the budget remained at about the level of 2011, and the main purpose is to complete investment infrastructure projects commenced this year, in particular the program of development of Baku and its suburbs, the national water supply program," Bayramov said.