Baku, Azerbaijan, Sept. 24
By Mirsaid Ibrahimzade - Trend:
The funds of the State Oil Fund of Azerbaijan (SOFAZ) will grow by 3.5 percent and reach $42.421 billion in 2020 against $40.986 billion this year, Trend reports referring to International Monetary Fund (IMF).
As Trend previously reported, the Executive Board of IMF announced on September 6 the end of Article IV consultations with Azerbaijan for 2019.
According to the IMF forecasts, the growth rate of SOFAZ funds will gradually decrease after 2021, but will maintain positive dynamics for three years from 2021 to 2024. Growth in 2021 will be at 2.1 percent, 0.88 percent in 2022, 0.31 percent in 2023 and 0.13 percent in 2024.
It is predicted that the assets of SOFAZ will amount to $43.361 billion in 2021, $43.746 billion in 2022, $43.883 billion in 2023, and $43.942 in 2024.
As to average oil prices, the IMF does not forecast major changes over the reporting period. According to the fund, there will be a slight decline by 5.66 percent in 2020 and the price of oil will stand at $59.9.
After a projected decline to $58 in 2021, the IMF forecasts reflect the same average price of $ 57.2 in 2022 and 2023, followed by a 0.7-percent increase and reaching $57.6 in 2024.