SOFAZ Budget 2007 to Be Changed to Increase Expenditures
Azerbaijan, Baku/ Trend , corr. I. Khalilova/ The Budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2007 will be changed within making alterations into forecast and expectations of the State Budget for 2007. A source in the Azerbaijan Finance Ministry has said today that the expenditures of SOFAZ are expected to increase on AZN 50 mln.
According to Shahmar Movsumov, the SOFAZ Executive Director, they plan to lay expenditures due to financing the Georgian section of the project on opening the railway communication on the route of Baku-Tbilisi-Kars. SOFAZ will grant $200 mln. on the reconstruction of railway section Marabda - Akhalkalaki and building of railway from Akhalkalaki till the Turkish-Georgian BorderНа
According to the Finance Ministry of the Country, these funds have been fully laid for 2007, however due to the reduction in expenditure articles for settling housing troubles refugees and IDPs face on AZN 150 mln., the total growth of expenditures of the Fund has been envisaged at a level of AZN 50 mln.
According to the SOFAZ Budget approved for 2007, its revenues have been laid at an amount of AZN 1. 555.700.000, with its expenditures at an amount of AZN 977.100.000.