Azerbaijani Minister of Finance Samir Sharifov said that Azerbaijan will increase the volume of budgetary financing of the defense field by 89.7%, bringing it to 2bln 511mln manats.

“1bln 325mln manats are envisaged to be allocated for defense under the 2011 draft budget. Besides, 1bln 87mln manats are planned to be allocated as per instructions of the Azerbaijani President for financing of special projects aimed at strengthening the military potential of Azerbaijan. Some funds will be provided as part of the state investment program,” Samir Sharifov said during a sitting of the Azerbaijani parliament dedicated to discussion of the 2011 draft budget.

Thus, he noted that the volume of financing of the defense field will amount to 2bln 511mln manats in 2011 that is 1bln 187mln or 89.7% higher as compared with 2010.

According to Sharifov, the share of defense expenditures will make 19.6% in 2011 of the total budgetary expenses against 10.7% in 2010.