BAKU, Azerbaijan, Aug.4
By Eldar Janashvili - Trend:
Revenues of the State Oil Fund of Azerbaijan (SOFAZ), as according to the new approved forecast, will amount to 7.34 billion manat ($4.32 billion), which is 5.04 billion manat or $2.9 billion (40.7 percent) less than the previous forecast for the current year, Trend reports referring to the Ministry of Finance.
The decline in revenues is due to the COVID-19 pandemic and oil disputes between Russia and Saudi Arabia, which caused a drop in global oil demand.
The expenses of SOFAZ will make up 12.41 billion manat ($7.3 billion), which is 850 million manat ($500 million) or 7.4 percent more than the approved forecast for the current year.
The ministry noted that the increase in the fund's expenses is associated with a growth in the allocations to the state budget.
(1 USD = 1.7 manat on Aug.4)