Since 2001 till the end of 2015 incomes of State Oil Fund of Azerbaijan (SOFAZ) totaled $124.9 billion.
According to the audited report of SOFAZ, during 15 years 26.9% of funds or $33.57 billion has been spent for accumulation and 73.1% or $91.33 billion has been spent.
According to SOFAZ, the main part of the funds accumulated in SOFAZ has been transferred to the state budget of Azerbaijan. From 2013 to 2015 the volume of transfers from SOFAZ to the state budget totaled 63.9 billion AZN, of which 8.13 billion AZN in 2015. By the end of 2015 SOFAZ’s assets totaled $33.57 billion and during a year dropped by 9.5%.—0—
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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