SOFAZ reveals volume of revenues for entire period of its activity
Baku, Azerbaijan, Dec.29
By Maksim Tsurkov - Trend:
The revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the entire period of its activity totaled $124.9 billion, SOFAZ told Trend Dec.29.
The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.
The total expenditures of SOFAZ for the entire period of its activity amounted to $86.3 billion, including transfers to the state budget - $78.4 billion.
"At the same time, for the whole period the extra-budgetary expenditures of the fund due to the difference in the exchange rate of the currencies in the investment portfolio of SOFAZ, amounted to about $5 billion," said the fund.
As of October 1, 2015, SOFAZ assets reduced by 6.38 percent compared to early 2015 ($37.1 billion) and were estimated at $34.74 billion.
Under SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
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