Last week’s laws, orders and decrees in Azerbaijan (Jan. 9-13)

Ilham Aliyev approves SOFAZ budget for 2017

The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2017 has been approved by a decree of Azerbaijani President Ilham Aliyev.

The decree approves SOFAZ revenues for 2017 at 8,370,589,800 manats and expenditures at 14,483,856,000 manats.

In the SOFAZ incomes, revenues from the sale of profitable oil and gas are forecast at 7,550,705,300 manats, acre payments are forecast at 3.465 million manats, income from oil and gas transit through the territory of Azerbaijan is expected to amount to 16.83 million manats.

In addition, revenues of the Fund from the placement and management of assets are forecast at 799,094,600 manats. Bonuses paid by investors within oil and gas agreements, or in connection with their implementation are forecast at 495,000 manats.

Transfers worth 7.5 billion manats to the Central Bank of Azerbaijan in order to ensure macroeconomic stability in the country will be the largest expenditures of the Fund. Its transfers to the state budget of Azerbaijan will amount to 6.1 billion manats.

Expenditures for the improvement of living conditions of refugees are forecast at 90 million manats, expenditures for the reconstruction of the Samur-Absheron irrigation system are forecast at 70 million manats, costs within the Baku-Tbilisi-Kars railway construction project will amount to 165.825 million manats, costs for financing the state program on education of Azerbaijani youth abroad in 2007-2015 will be 29.304 million manats.

In addition, the State Oil Fund’s budget for the next year provides for the expenditures for financing the state’s share in the Southern Gas Corridor projects worth 496.155 billion manats.

Costs of the Fund management are approved at 32.572 million manats.

Ilham Aliyev allocates 5M manats for Nakhchivan’s development

President of the Republic of Azerbaijan Ilham Aliyev signed an order on extra measures to speed up socio-economic development of the Nakhchivan Autonomous Republic.

Under the presidential order, five million manats were allocated from the 2017 Presidential Contingency Fund to the Cabinet of Ministers of the Nakhchivan Autonomous Republic.

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