...

SOFAZ to reduce transfers to state budget in 2017

Oil&Gas Materials 29 September 2016 17:31
Transfers of Azerbaijan’s state oil fund SOFAZ to the state budget is expected at the level of 6.1 billion manats (1.6252 AZN/USD on Sept. 29) in 2017 that is by 1.515 billion manats (19.9 percent) less than in 2016.
SOFAZ to reduce transfers to state budget in 2017

Baku, Azerbaijan, Sept. 29

By Maksim Tsurkov – Trend:

Transfers of Azerbaijan’s state oil fund SOFAZ to the state budget is expected at the level of 6.1 billion manats (1.6252 AZN/USD on Sept. 29) in 2017 that is by 1.515 billion manats (19.9 percent) less than in 2016, according to the presentation of the state and consolidated budget projects for 2017 that was made public Sept. 29 by the country’s Finance Ministry.

According to the project, SOFAZ’s revenues are forecasted at the level of 8.37 billion manats in 2017 that is by 4.89 billion manats (2.4 times) more than the forecast for 2016.

Expenses of SOFAZ are expected at the level of 6.95 billion manats in 2017 that is by 34.6 percent (3.685 billion manats) less than the forecast for 2016.

“Some 87.8 percent (6.1 billion manats) of SOFAZ’s expenses will be transferred to the state budget, 11.8 percent (822 billion manats) will be directed for financing of a number of infrastructure projects and 29.3 million manats (0.4 percent) will be transferred for financing of the education of Azerbaijani youth abroad,” said the message.

According to the forecasts, the GDP volume on oil sector will increase by 1.2 percent in 2017 and will be 19.74 billion manats, while the volume of value added production in non-oil sector will increase by 0.4 percent, as compared to 2016, and is expected at the level of 41.68 billion manats.

The share of oil sector in GDP is forecasted at the level of 32.1 percent for 2017 compared to 28.3 percent in 2016.

---

Follow the author on Twitter: @MaksimTsurkov

Tags:
Latest

Latest