BAKU, Azerbaijan, January 28. The State Oil Fund of Azerbaijan (SOFAZ) has completely fulfilled its fiscal commitment for 2024, remitting 12.7 billion manat ($7.4 billion) to the state budget as scheduled, Trend reports.
As per the figures from Azerbaijan's Ministry of Finance, the transfers have seen a rise of 8.9 percent compared to last year.
Additionally, SOFAZ transfers made up a significant 34.4 percent of the state's budget revenues for the previous year.
In 2024, the state budget's revenues totaled 37.1 billion manat ($21.8 billion), while expenditures amounted to 37.7 billion manat ($22.1 billion).
Established in 1999 with assets amounting to $271 million at the time, SOFAZ is an extrabudgetary fund that operates as a distinct legal entity, independent of the government or central bank. SOFAZ protects and judiciously administers energy-derived revenues for current and forthcoming generations. A fundamental principle of SOFAZ is transparency. During this era, the Fund has evolved institutionally and attained international recognition as an asset management organization.
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