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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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