SOFAZ budget determined with surplus next year
Azerbaijan, Baku, Nov. 3 / Trend /
SOFAZ will transfers 6.48 billion manat to the Azerbaijani state budget next year, SOFAZ head Shahmar Movsumov said on AzTV this week.
"Transfers from SOFAZ to the state budget are planned to reach 6.480 billion manat next year," he said. "These funds will be spent on all priority areas."
Movsumov added that SOFAZ's budget will be determined with a surplus next year - meaning, the fund's revenues will exceed its costs. As a result, its means will increase.
He also stressed that the bulk of the fund's expenditures were made through transfers to the state budget. The remaining expenditures went toward financing strategically important projects for Azerbaijan and the region. These include funding the Azerbaijani share in the Baku-Tbilisi-Ceyhan oil pipeline project, the construction of the Baku-Tbilisi-Kars Railway, and improving the welfare of refugees and IDPs/
Movsumov said SOFAZ's assets over the first nine months of this year exceeded $ 20 billion.