BAKU, Azerbaijan, November 28. The budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) are projected to reach 8.99 billion manat ($5.28 billion), while expenditures – 11.392 billion manat ($) in 2023, Trend reports citing the Accounts Chamber's comments on the SOFAZ budget-2023.
According to the document, in 2023, 6.571 billion manat ($3.8 billion), or 73.1 percent of the fund's income will make up net income from the oil and gas sales, 4.3 million manat ($2.5 million) – income from per-acre payments, 23.6 million manat ($13.86 million) – transit income, 800.8 million manat ($470.39 million) – from bonus payments, and 1.59 billion manat ($933.96 million) – from funds management.
Meantime, 11.28 billion manat ($6.6 billion), or 99 percent of the fund's expenditures, will be the state budget transfers. In addition, the SOFAZ will spend 38.5 million manat ($22.6 million) on the "State Program for Improving the International Competitiveness of the Higher Education System for 2019-2023", 36.7 million manat ($21.55 million) on the "State Program for Training Youth in Prestigious Higher Educational Institutions of Foreign Countries for 2022-2026 years", and 37.1 million manat ($21.79 million) – on management.
Thus, a deficit of 2.401 billion manat ($1.4 billion) will be formed in the SOFAZ budget-2023.
