Report of the Oil Fund has revealed huge spending on budget execution
By October 1, the assets of the State Oil Fund of Azerbaijan (SOFAR) amounted to $ 37 305 300 000 (+ 3.98% at the beginning of the year), and could be more.
According to the report on the results of three fiscal quarters, the largest part of fund expenses (8 041 200 000 manat) accounted for transfers to the state budget - 7 399 700 000 manat.
In addition, the cost of improving the living conditions of refugees amounted to 254.2 million manat, reconstruction of the Samur-Absheron irrigation system - 24.8 million manat, for the construction of the Baku-Tbilisi-Kars - 47.5 million manat, training Azerbaijani students abroad - 18 million manat, to finance the purchase of shares of state-owned JSC CanubQazDehlizi (Southern Corridor) - 40 million manat.
Also, over the past 9 months to build the Star refinery in Turkey there was directed 223,500,000 manat, for administrative costs for the Fund management - 33.5 million manat, the rest - for other purposes.
Extrabudgetary fund expenses related to changes in the exchange rate amounted to 962.7 million manat, of which 966.4 million manat fell to losses from changes in exchange rates (dollar, euro, British pound sterling), and 3.7 million manat - a change in the price of gold.
Total revenues for the Fund by 1 October were at 10 131 900 000 manat. Most of them (9 969 600 000 manat) - proceeds from the sale of oil and gas contracts, including the sale of profit oil and gas (9 647 800 000 AZN), transit revenues - 6.8 million AZN, bonus payments - 13.3 million manat, acre payments - 1.7 million manat. Revenues from the management of the fund in the period amounted to 162.3 million manat.
In SOFAR, established in 1999, there is accumulated income from the sale of oil contracts, in particular from the sale of profit oil state, transit tariffs for the transportation of oil and gas in the country, from the lease of state property, etc. The Fund is an account of their income and expenses on a quarterly basis. --17D-
Economics
-
Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
-
Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
-
Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
-
The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
Leave a review