SOFAZ budget approved last year
The presidential decree approving the draft budget execution of the State Oil Fund of Azerbaijan (SOFAZ) for the previous year has been released.
The document says that last year's budget was executed with a predominance of income over expenditure of $ 2 billion 613 million 809.3 thousand manats. That is, revenues were more than 12.73 billion manats (+ 9.5% of the forecast), expenses - 10.11 billion manats (minus 4.5% of the forecast).
Almost all of the revenue (12.32 billion manats) accounted for revenues from oil and gas sales, the proceeds of asset management, including foreign ones were 387 million 204.8 thousand manats.
Almost all the expenses occurred in the transfer to the state budget (9.34 billion manats) in appropriations for the improvement of social and living conditions of refugees and IDPs spent 299 million 998.2 thousand manats. --17D--
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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