SOFAZ’s income hits $63.8 bln
Azerbaijan, Baku, December 7 / Trend E.Ismailov/
"The income of the State Oil Fund of Azerbaijan (SOFAZ) hit $63.8 billion since its establishment, SOFAZ head Shahmar Movsumov said at the international conference "20 Years of Independence: achievements and challenges to the progressive, equitable and dynamic nation-building" in Baku today.
"The fund's expenses amount to $29.7 billion," Movsumov said.
The total volume of SOFAZ's assets is forecasted at the level more than $32 billion.
SOFAZ was established in 1999.
The main purposes of the fund are: accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, preventing a "Dutch syndrome" to ensure savings for future generations and to maintain the current socio-economic standard in the country.