BAKU, Azerbaijan, Apr. 21
By Zeyni Jafarov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) has transferred 2.51 billion manat ($1.47 billion) to the state budget over the first quarter of 2021, which is 17.6 percent, or 536.3 million manat ($315.4 million), less than the forecast, Trend reports citing the country’s Ministry of Finance.
According to the ministry, excluding funds received from SOFAZ, a surplus of 212.7 million manat ($125.1 million) was formed in the state budget of Azerbaijan in the first quarter of this year.
“In general, the forecast on revenues of the state budget of Azerbaijan in the specified period was fulfilled by 5.74 billion manat ($3.74 billion), which is 23.5 million manat ($13.8 million), or 0.4 percent, more than the quarterly forecast. The forecast on expenditures was fulfilled at 5.52 billion manat ($3.24 billion) against the forecast of 5.41 billion manat ($3.18 billion),” the ministry said.
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.
(1 USD = 1.7 AZN on Apr.21)
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