The State Oil Fund of Azerbaijan (SOFAR) set up the development of a long-term economic model of Azerbaijan, Trend reports.
Shahmar Movsumov, the Executive Director of the State Oil Fund of Azerbaijan (SOFAR), stated to a news conference on 1 November that major results and indices indicated in the model will be prepared during the month.
Such modeling positively influences on the strategy of use of oil revenues, because with different models it is possible to build different scenario on the definition of direction of the use of funds,' Movsumov noted.
The economic model comprises all the results of the country's economic activities over the past 6-7 years.
An outstanding international organization Oxford Economic, with headquarters in London and specialized in economic modeling, helps the SOFAR in the development of the model.