The Azerbaijani government expects revenues to the State Oil Fund to be 5 billion 711.6 million mantas in 2016. The Fund will spend 1 488 400 000 manats more for the year, said the Ministry of Finance.
The following year, the Fund's income will be reduced by 3 billion 534.1 million manats (-34.5%) compared with the index forecast for this year. SOFAZ expenditures over the year will decline by 4.1 billion manats or 33.4%.
The volume of transfers to the state budget will amount to 6 billion manats. This is 2 billion 130 million manats less than in 2015 and 4 billion 388 million manats less than in 2014. It is noteworthy that the government introduces this trend as its own deliberate policy to reduce the budget dependence on the oil factor.
To finance social and economic projects SOFAZ will spend 2 150 500 000 manats from its reserves.
As of July 1, 2015 SOFAZ reserves were $ 35.8 billion. ----08D
Economics
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