BAKU, Azerbaijan, Jan,18
By Leman Zeynalova – Trend:
Budget revenues of Azerbaijan’s State SOFAZ for the period of January-December, 2021 reached 15.985 billion manat, while budget expenditures constituted 11.382 billion manat, Trend reports with reference to the Fund.
This is while in 2020, SOFAZ’s budget revenues and budget expenditures stood at 9.360 billion manat and 12.425 billion manat, respectively. As such, the Fund saw a 70.77 percent increase in budget revenues and 8.39 percent decrease in budget expenditures.
SOFAZ’s extra-budgetary expenditures related to the foreign exchange movements amounted to 2.119 billion manat.
As per 2021 budget of the Fund, 11.350 billion manat were transferred to the state budget. During this period, 10.2 million manat were allocated to the “State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-2023”. SOFAZ’s administrative and operational expenses for the reporting period totaled 22.5 million manat.
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 the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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