During the past ten years the transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget of Azerbaijan totaled 43,425,000,000 AZN ($55 billion at the current exchange rate).
The transfers from SOFAZ to the state budget started since 2003.
If during 2003 share of transfers from the Oil Fund in the revenues of the state budget constituted 8.2%, in 2011-2012 it increased up to 57.3%. According to this year’s forecast, share of transfers from SOFAZ in the revenues of the state budget reached 59.3%.
During 2013 it is planned to transfer over 11 billion AZN from the Oil Fund to the state budget. During 9 months, 2013 the volume of transfers totaled 8,339,900,000 AZN.—0-
Economics
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In recent months, an increase in the price of butter has been observed in Azerbaijan. Notably, this is the third price hike within a year. According to consumers, certain brands of butter that cost 19 manats per kilogram at the end of last year are now being sold for 24 manats, marking a nearly 30% increase.
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Azerbaijan has signed an "Agreement on Project Implementation" with China’s BYD Company Limited (BYD) to establish a domestic production line for electric buses, officials announced.
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Russia has reduced its greenhouse gas emissions by more than twofold from the 1990 baseline, Russian Prime Minister Mikhail Mishustin announced at the COP29 climate summit.
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Georgian Prime Minister Irakli Kobakhidze announced that Georgia will present its updated Nationally Determined Contribution (NDC 3.0) by 2025, signaling the country’s renewed climate ambitions during his speech at the COP29 summit in Baku on Wednesday.
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