BAKU, Azerbaijan, Dec. 6
By Khagan Isayev - Trend:
The total management costs of the State Oil Fund of Azerbaijan are projected to reach over 33.9 million manat ($19.9 million) in 2022, which is by 12.8 million manat ($7.5 million) or 60.4 percent more than in 2020, as well as 5.1 million manat ($3 million) or 17.6 percent more than the forecast for this year, Trend reports on Dec. 6 referring to the conclusion of the Azerbaijani Chamber of Accounts on the draft budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2022.
According to the forecasts, more than 15.3 million manat ($9 million) will be allocated from the total expenditures of the State Oil Fund for wages in 2022, more than 15.2 million manat ($8.9 million) will be allocated for the purchase of goods and attracting work and services, 60,750 manat ($35,735) for social expenses, 3.3 million manat ($1.9 million) for non-financial assets.
According to the Chamber of Accounts, the management costs of the State Oil Fund of Azerbaijan for nine months of 2021 reached 14.9 million manat ($8.8 million), which is by 51.6 percent of the expenses of the approved budget for the current year (28.9 million manat $17 million).
SOFAZ was established in 1999 with assets of $271 million.
Proceeding from 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 the accumulation of resources and placement of assets abroad to minimize the negative effect on the economy, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
(1 USD = 1.7 AZN on Dec. 6)