Next year budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) forecast to be 6,711,564,100 AZN, down 3.53 billion AZN (34.5%) against the forecast for year 2015. This is information from the SOFAZ draft budget, which has been submitted for consideration of President after its approval by the Oil Fund’s Observation Council.
According to the draft budget, next year the Fund’s expenses are planned at 8,261,399,700 AZN (down 33.4% or 4.1 billion AZN against volume expected in 2015).
According to Turan, in 2016 Fund’s deficit is expected to be 1,549,835,600 AZN. This year SOFAZ’s deficit is expected to be about 1.1 billion AZN.
In 2016 SOFAZ’s transfers to the state budget are expected to be 6 billion AZN, down 4,388 billion AZN (42.2%) against 2015.
By October 1, 2015, SOFAZ’s assets decreased by 6.38% against early year ($37.1 billion) an totaled $34.74 billion.—0---
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