BAKU, Azerbaijan, April 20. The volume of transfers to the state budget of Azerbaijan from the State Oil Fund (SOFAZ) in the first quarter of 2024 amounted to 3.1 billion manat ($1.8 billion), Trend reports.
According to SOFAZ data, in the same period last year, the volume of transfers amounted to 1.5 billion manat ($882 million).
However, SOFAZ started making transfers to the state budget of Azerbaijan in 2003.
To note, SOFAZ was established in 1999, and at that time, its assets amounted to $271 million.
According to the regulation of the State Oil Fund, its resources can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
The main objectives of SOFAZ are the accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, the accumulation of funds for future generations, and the maintenance of current socio-economic processes in the country.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel