From 2003 to the end of 2014 the total volume of transfers to the state budget from the State Oil Fund (SOFAR) totaled 55 billion 772 million manat.
As the Fund said, about one-sixth (9 billion 337 million manat) fell on payments in 2014.
SOFAR was founded on 29 December 1999 and is the budget state institution accountable only to the President.
The fund accumulates income from the sale of oil contracts, in particular, from the sale of profit oil and gas of the state, transit tariffs for transportation of oil and gas across the country, the lease of state property and others. --17D-
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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