BAKU, Azerbaijan, August 7. The transfer from the State Oil Fund of Azerbaijan (SOFAZ) to the budget has gone off without a hitch during the first seven months of this year.
The data obtained by Trend from the Ministry of Finance shows that during
this period, the transfer from SOFAZ amounted to 8.4 billion manat
($4.98 billion), achieving a complete alignment with the projected
forecast metrics.
In the fiscal year 2025, the fund is mandated to allocate a sum of
14.5 billion manat, equivalent to approximately $8.56 billion, to
the national budgetary framework.
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.
