BAKU, Azerbaijan, June 30
By Nargiz Ismayilova - Trend:
The Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) has approved execution of the fund’s budget for 2019 taking into account opinions of the independent auditor - PricewaterhouseCoopers Audit Azerbaijan (PwC) - and Azerbaijan’s Chamber of Accounts on the fund’s financial statement for 2019, Trend reports with reference to the fund.
The board adopted a decision to submit the budget to the Azerbaijan’s president for approval.
SOFAZ's incomes for the reporting year amounted to 19.03 billion manat or $11.19 billion (execution amounted to 123.2 percent), expenses - 11.5 million manat or $6.76 million (execution - 99.9 percent). Thus, the fund’s budget last year was executed with a surplus of 7.5 billion manat ($4.41 billion).
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include accumulation of resources and placement of assets abroad in order to minimize the negative effect to the economy, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
(1 USD = 1.7 AZN on June 30)
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