Amendments to SOFAZ budget will not change general revenues and expenditures for 2010
Azerbaijan, Baku, Sept. 24 /Trend, I.Khalilova/
A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on September 24, 2010. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the amendments to be made to the 2010 budget of the Fund, the Fund reported.
"While endorsing the amendments to the Fund's 2010 budget the Supervisory Board recommended the document for the approval by the President of the Republic of Azerbaijan," the report said.
A source at the Oil Fund said that the proposed changes will not affect the total amount of revenues and expenses of the Fund, they are connected with the redistribution of funds in expenditure items.
"In connection with savings on some projects financed by the Fund, it is proposed to redirect those funds to other projects that will accelerate their implementation," said the Fund. The changes have once been made to the budget of SOFAR this year.
Azerbaijani President Ilham Aliyev signed an order in July to amend the budget SOFAR for 2010. Under the amendments, The SOFAZ revenues were approved at 5.96 billion manat and expenditures at 5.43 billion manat. SOFAZ management expenditures approved at 33.43 billion manat.
Official exchange rate on Sept. 24 is 0.8030 AZN/USD.