Accounting Chamber submits proposals to SOFAR

The Accounting Chamber put forward an opinion on budget implementation of the State Oil Fund (SOFAR) for 2023. The document is posted on the Chamber's website.

Besides, the organization made a number of proposals. The Chamber believes that SOCAR should strengthen coordination with the state oil company (SOCAR) and the Azerbaijani International Operating Company - AIOC (USA).

"It is necessary to strengthen coordination with SOCAR and the United States in determining production forecasts, as there are differences between the forecasts of hydrocarbon production, which account for Azerbaijan, and performance indices," the document says.

In addition, the Chamber suggested that the Fund create a new liquid portfolio. "In terms of growing uncertainty in demand at currency auctions, it is advisable to create a new liquid portfolio in the amount of potential demand as part of a sub-portfolio in order to timely fulfill the Fund's obligations, manage liquidity in order to avoid additional costs and risks," the conclusion says.