SOFAZ’s transfers to state budget to be cut by 1.5B AZN (UPDATE)
Details added (first version posted at 12:04)
Baku, Azerbaijan, Sept. 26
Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats in 2017, Samir Sharifov, Azerbaijani finance minister, told reporters in Baku Sept. 26.
The minister added that the transfers will be reduced to keep the country’s foreign exchange reserves at the same level.
"As Azerbaijani President Ilham Aliyev said, while generating the revenue side of the state budget, we must pay more attention to the income from other sources, rather than deductions from SOFAZ,” he said.
“Therefore, the forecast for contributions from the country’s State Customs Committee, as well as the tax revenue forecasts will be increased in the state budget for 2017," Sharifov added.