BAKU, Azerbaijan, Feb.11
By Fidan Babayeva – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) transferred 12.2 billion manat ($7.18 billion) to the government budget in 2020, Trend reports referring to the Ministry of Finance.
According to the operational data, in the reporting year, the consolidated budget revenues amounted to 24.46 billion manat ($14.39 billion), which is by 9.4 percent more than the forecast. The expenditures made up 29.16 billion manat ($17.15 billion).
As a result, the deficit of the budget equaled 4.7 billion manat ($2.7 billion), which is 40.9 percent less than the projected deficit.
SOFAZ was created in 1999 and its assets were equal to $271 million at that time. In accordance with its charter, its funds can be used to finance the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
(1 USD = 1.7 AZN on Feb.11)
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