BAKU, Azerbaijan, Oct. 21
By Fidan Babyeva - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) transferred over 8.85 billion manat ($5.2 billion) to the state budget from January through September 2020, Trend reports citing the Azerbaijani Ministry of Finance.
The ministry noted that the amount of funds transferred is the same as the forecasted one.
In the first nine months of 2020, revenues of the state budget of Azerbaijan amounted to 17.9 billion manat ($10.5 billion), which exceeds the forecast by 1.2 percent or 206.5 million manat ($121.4 million).
At the same time, state budget expenditures for the reporting period amounted to 18.6 billion manat ($10.9 billion). Thus, a deficit of 677.6 million manat ($398.5 million) appeared in the budget.
The State Oil Fund of Azerbaijan was established in 1999, and at that time its assets stood at $271 million.
The mission of the State Oil Fund of Azerbaijan (SOFAZ) is to transform depletable hydrocarbon reserves into financial assets generating perpetual income for current and future generations.
The main goal of the establishment of SOFAZ is to accumulate and efficiently manage oil revenues.
SOFAZ's activity is directed to the achievement of the following objectives:
(1 USD = 1.7 manat on Oct. 21)
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