The world oil price will not drop below $25.00 per barrel and it could also go up in the second half of the day, said Azerbaijani Finance Minister Samir Sharifov.
“Therefore, the renewed state budget for fiscal year 2016 is based on the oil price $25.00 per barrel,” Sharifov said at a press conference yesterday.
Considering the world trends, price of oil, which is the main source of incomes in Azerbaijan, started going down and “we switched to the saving regime,” Minister said.
He said as a result of the taken measures, last year the government managed to save $2.2 billion for the State Oil Fund of Azerbaijan (SOFAZ). “In 2015 we had $1.4 billion left in the treasury, which we are going to use to revise the state budget for fiscal year 2016,” Sharifov said.—0—
Economics
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