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---
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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