BAKU, Azerbaijan, June 17. A meeting of the Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) has been held, Azerbaijani Cabinet of Ministers told Trend.
The agenda of the meeting, held under the chairmanship of the Prime Minister of Azerbaijan, Chairman of the Supervisory Board of SOFAZ Ali Asadov, included issues related to the annual report on the activities of the fund in 2022, the results of the audit of financial activities, the execution of the 2022 budget and amendments to the budget fund for 2023.
The report of the SOFAZ Executive Director Israfil Mammadov was delivered at the meeting.
Following the meeting, relevant decisions were made to submit reports on the activities and execution of the budget of SOFAZ in 2022, a draft amendment to the fund's budget for 2023 to the President of the Republic of Azerbaijan Ilham Aliyev.
Activities of SOFAZ in the field of assets accumulation and spending are being overseen by a Supervisory Board. The Board is to review Fund's draft annual budget, annual report and financial statements along with auditor's opinion and provide its comments. Members of the Supervisory Board are appointed by the President of Azerbaijan.
