Azerbaijan, Baku, Nov. 2 / Trend , A.Akhundov /
Azerbaijan effectively uses the resources of its State Oil Fund (SOFAZ), the Chairman of the Accounts Chamber of the Russian Federation Sergei Stepashin said at an event marking the 10th anniversary of the Azerbaijani Accounting Chamber in Baku on Wednesday.
"Azerbaijan's effective use of its oil revenues could be an example for many countries," Mr. Stepashin said.
SOFAZ was established in 1999 when its assets amounted to $271 million. As of Jan.1 2011, SOFAZ assets amounted to 22.8 billion and the Fund's current assets have already hit $32 billion.
Based on SOFAZ's regulations, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
In 2001-2009 special attention was drawn to the development of the oil and infrastructure sectors, as well as the non-oil sector of the country. At the moment a number of important projects in irrigation and transportation are financed from these funds.
Mr. Stepashin said the Azerbaijani Accounting Chamber and Accounts Chamber of the Russian Federation had a strong and effective networking group with others.
"The Azerbaijani Accounting Chamber meets all international standards and has a great role in international organizations," he said.
Delegates attending the anniversary celebrations were the President of the Turkish Association of Auditors Recai Akyel, Chairman of the Kazakh Committee for Control over the state budget execution Onarhan Ohidbakev, Deputy Chairman of the Ukrainian Accounting Chamber Alexander Eremenko, and the Kyrgyz Accounting Chamber's official Utkomhan Abdullayev who all congratulated the Azerbaijani Accounting Chamber.
The speakers emphasised the high level of cooperation between their agencies and the Accounting Chamber of Azerbaijan.