Azerbaijan, Baku, 19 June / corr. Trend A. Ismayilova/ Assets of the State Oil Fund of Azerbaijan (SOFAZ), which accumulates oil and gas income for future generations, will amount to hundred of billions of dollars, Ilham Aliyev, the President of Azerbaijan stated on 19 June to the jubilee event dedicated to the 90th anniversary of the Azerbaijani parliament. At present, the assets of SOFAZ exceed $5bln.
"The funds are accumulated in SOFAZ for the happy life of future generations," the Head of State said.
Ilham Aliyev said that the gold and currency reserves of Azerbaijan will amount to $20bln in 2008. At present this reserve exceeds $10bln.
Touching upon the development of the Azerbaijani economy and rise in GDP by 96% over the past four years, the President said that recently the poverty ratio in the country was decreased to 16% from the previous 49%.
The first parliament of Azerbaijan was established in 1918. The Democratic Republic of Azerbaijan (DRA), the first independent republic in the East, was declared in Tbilisi on 28 May 1918. The first parliament began its activities on 7 December 1918.