Azerbaijan, Baku /corr Trend I.Khalilova /At the present time the remainder of currency revenues of the public budget on special account of the State Oil Funds of Azerbaijan (SOFAR) comprises approximately $700mln on the basis of an agreement signed between the SOFAR and the Ministry of Finances on 11 August 2006.
Shahmar Miovsumov, the Executive Director of SOFAR, announced on 15 March that sine the being if the year the Ministry of Finances has not used the funds given o the management of SOFAR. They are usually spent on the need of the public budget.
"This scheme suggests that firstly the fulfillment of the 2006 public budget should be confirmed. Upon revealing the surplus of the pubic budget, the remained will be transferred to the SOFAR after the deduction of 1/12 part of the sum from the expenses of the 2007 public budget," Movsumov stressed. The fulfillment of the 2006 pubic budget will be adopted at the parliament in May.
In 2007 the Finances Ministry will continue transfer of currency revenues to the management of the SOFAR. The funds will be returned at foreign currency, through earlier the opportunities for conversion of budget funds through the Oil Fund was adopted.
However, the Government disagreed with this mechanism and now the Finances Ministry itself is implementing conversion at the currency market.