BAKU, Azerbaijan, April 20. The revenues of the State Oil Fund of Azerbaijan (SOFAZ) amounted to nearly 5.2 billion manat ($3 billion) from January through March 2024, while expenditures amounted to 3.2 billion manat (1.8 billion), Trend reports.
According to SOFAZ, in the structure of expenditures, transfers to the state budget amounted to 3.1 billion manat ($1.8 billion) to finance the State Program on increasing the international competitiveness of the higher education system in Azerbaijan for 2019–2023; one million manat ($588,000) to finance the state program for 2022–2026; 3.2 million manat ($1.8 million)on the education of young people in prestigious universities in foreign countries.
During the reporting period, SOFAZ's revenues related to the implementation of oil and gas agreements amounted to 3.4 billion manat ($1.9 billion), including 2.6 billion manat ($1.5 billion) from oil and gas sales, 775.9 million manat ($456.4 million) from bonus payments, and 0.3 million manat ($300,000) from transit revenues.
The income received from the management of the fund's resources amounts to 1.8 billion manat ($1 billion), while SOFAZ's off-budget income from exchange rate fluctuations amounted to 151.7 million manat ($89.2 million).
To note, SOFAZ was established in 1999, and at that time, its assets amounted to $271 million.
According to the regulations of the State Oil Fund, its resources can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
The main objectives of SOFAZ are the accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, the accumulation of funds for future generations, and the maintenance of current socio-economic processes in the country.
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