Azerbaijan, Baku / corr Trend I.Khalilova, U.Ismayilova / Shahmar Movsumov, the Executive Director of the State Oil Fund of Azerbaijan (SOFAR), said on the 7th of June that SOFAR does not expect this year to obtain the remainder of the 2006 pubic budget surplus.
The scheme is as follows: in case there is a surplus in accordance with the Law of the 2006 Public Budget, the total budget of the year is divided into twelve and the output is subtracted from the surplus. The remainder is then transferred to the Oil Fund.
"The 2007 budget is forecasted at the level of AZN 6.5bln. When it is divided into twelve the output is AZN 300-400mln, whereas the surplus of the 2006 public budget is lower and therefore, comprised AZN 74mln. Thus, nothing can be transferred to SOFAR," he added.
