Azerbaijani Oil Fund`s 2016 Budget: The deficit is higher than the fund’s income

Azerbaijani Oil Fund`s 2016 Budget: The deficit is higher than the fund’s income

The budget of the State Oil Fund (SOFAZ) for 2016 was amended on March 2016. According to the new amendment the SOFAZ budget deficit will exceed its revenues for the year. Under the new document, Fund’s revenues were reduced from 6.712 billion manat ($ 4.221 billion US) to 4.578 billion manat ($ 2.954 billion US), while expenditures increased from 8.18 billion manat ($ 5.145 billion US) up to 10.668 billion manat ($ 6.709 billion US). As a result, the SOFAZ budget deficit will amount to 6.09 billion manat ($ 3.830 billion US). The basis of Fund’s expenditures will be transfer to the State Budget at the level of 7.615 billion manat ($ 4.789 billion US)…

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