Changes to the Oil Fund’s Budget: the impact of increased revenues on government spending

Changes to the Oil Fund’s Budget: the impact of increased revenues on government spending Last week, on October 4 th , the budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2017 was changed. It should be noted that earlier on June 30 th , state budget revenues increased by 511 million manat, and expenditures by 1 billion 41 million manat, as amended by the law “On the State Budget of the Republic of Azerbaijan... Read More

Azerbaijani Oil Fund’s reserves have declined by 5.9 %

Azerbaijani Oil Fund’s reserves have declined by 5.9 % The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) have dropped by 5.86% compared to the beginning of 2015 from $ 37,104 billion US. to $ 34, 930 billion US. Budget revenues of the SOFAZ reached 2,028 billion manat ($ 1, 932 billion US with new rate) , while budget expenditures constituted 2,336 billion manat ($ 2,225 billion US with new rate) in the first quarter of 2015.... Read More

Azerbaijan State Budget’s SOFAZ Dependency

Azerbaijan State Budget’s SOFAZ Dependency $ 45 billion oil money spent through state budget channels last couple years   Since the launch of the State Oil Fund of Azerbaijan (SOFAZ), the fund’s expenditures amounted to AZN 38.789 billion ($ 49,730 billion).  Transfers to the state budget reached to AZN 35.085 billion ($ 44,980  billion) within the last couple years. Meanwhile, the fund issued AZN 297.9m for project of construction... Read More

State Budget Ammended in Azerbaijan

State Budget Ammended in Azerbaijan Finance Ministry told APA that incomes and expenses of state budget will be increased by AZN 600m, incomes will be raised up to AZN 17,038m, expenses – AZN 17,672m. Extra revenues to the state budget are expected to provide by means of additional tax revenues on oil and non-oil sector of economy. An appropriate draft law related to amendments in the state budget-2012 of Azerbaijan has been submitted by the President... Read More