Azerbaijan, Baku /corr. Trend I.Khalilova / The State Oil Fund of the Republic of Azerbaijan (SOFAZ) recommended the 2008 budget, including the major directions of its investment policy, and its draft annual operating expenditures, for the approval by President of the Republic of Azerbaijan, a source sated in the SOFAZ on 22 November.
In addition, the agenda of the meeting included the amendments to be made to the 2007 budget of the Fund, as well as the amendments to be made to the regulation of the Supervisory Board.
Presenting the budget forecasts for the next year, the Executive Director of the SOFAZ, Shahmar Movsumov, said that 2008 budget revenues have been determined at AZN 3 609 361, 0 thousand, its expenditures at AZN 1 680 853, 6 thousand and the Fund's operating expenditures at AZN 9 751, 6 thousand. The Board approved the Fund's 2008 budget revenues at this level.
The meeting chaired by Mr. Artur Rasizadeh, Prime Minister. Artur Rasizadeh was re-elected as the Supervisory Board's Chairman-in-office.
The 2007 budget revenues of the Fund were approved at 1 555 739,6 thousand, expenditures at AZN 1 115 566,9 thousand, operating expenditures at AZN 7 385,9 thousand.