A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on December 29, 2016. SOFAZ’s draft budget for 2017 was discussed during the meeting chaired by Prime Minister of Azerbaijan and Chairman of SOFAZ Supervisory Board Mr. Artur Rasi-zadeh.
The Supervisory Board recommended the Fund's 2017 draft budget, including the major directions of its investment policy, and its draft annual operating expenditures for the approval by the President of the Republic of Azerbaijan.
Board members also discussed amendments to the “Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan” and “Rules on the preparation and execution of the annual program of revenues and expenditures (budget) of the State Oil Fund of the Republic of Azerbaijan” proposed by the Executive Director of the Fund and recommended the amendments for the approval by the President of the Republic of Azerbaijan.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ’s regulations, its funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund are accumulation of resources and placement of the Fund’s assets abroad in order to minimize the negative effect on the economy, prevention of "Dutch disease", promotion of resource accumulation for future generations, and supporting current social and economic processes in Azerbaijan.