BAKU, Azerbaijan, January 28. The volume of funds provided by the Ministry of Finance of Azerbaijan to the State Oil Fund (SOFAZ) for management has decreased over the year, Trend reports via the Azerbaijani Audit Chamber.
According to the information, even though the majority of the invested amount was repaid due to the need for the state budget in funds, a large turnover increased profitability.
Moreover, it is noted that the profitability percentage of the funds provided by the Ministry of Finance to the Fund for Management was 4.4 percent from the beginning of the year to September 30.
“The balance of funds provided by the Ministry of Finance to the management of the Fund as of December 31, 2023, totaled $788.5 million. In the current year, a total of $450 million was provided to the management of the Fund from the free residual funds of the state budget under two contracts, and $657 million was allocated to the management of the Fund from the Guarantee Fund under two contracts. As much as $1.3 billion was repaid by the fund.
A total of $467.7 million was managed by the fund as of September 30, 2024, including $205.3 million for the free balance and $262.4 million for the Guarantee Fund. Since the beginning of the year until September 30, 2023, interest of $21.5 million has been accrued,” the information notes.