TODAY.AZ / Business

State Oil Fund's transfers to state budget surpasses $99.7bn in 2003-2019

20 July 2020 [14:56] - TODAY.AZ

By Azernews


By Ayya Lmahamad

For the period of 2003-2019, the State Oil Fund of Azerbaijan transferred $99.7 billion to the state budget, local media reported with the reference to Fund’s press service on July 20.

Moreover, according to the statement in 2019, the state budget revenues amounted to AZN 24.2 million ($14.2M), of which AZN 11.4 million ($6.7M), or 46.9 percent, was transferred by SOFAZ. Transfers accounted for 46.5 percent of the state budget expenditures, or AZN 24.4 million ($14.3M).

Furthermore, in the first half of 2020, the volume of transfers from SOFAZ to the state budget amounted to AZN 5.7 billion ($3.3bn).

For this period, total budget expenditures of SOFAZ amounted to AZN 112.4 billion ($66.1bn) and transfers accounted for 88.9 percent of these expenditures.

In 2003, the State Oil Fund started making transfers to the state budget of Azerbaijan.

SOFAZ was established in December 1999 by the Presidential Decree and is a sovereign wealth fund of Azerbaijan, which accumulates and preserves the nation's oil and gas revenues for future generations. The fundamental mission of SOFAZ is to ensure intergenerational equality with regard to the country's oil wealth and to accumulate and safeguard the oil revenues for generations to come.

URL: http://www.today.az/news/business/195624.html

Print version

Views: 815

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: