Finance

Finance

President of Azerbaijan approves SOFAZ 2010 budget

26 December 2009 11:51 (UTC +04:00)

The SOFAZ revenues were approved at 5 963 126 700 manat and expenditures at 5 428 431 200 manat.
SOFAZ budget are expected to receive net revenues at 5.564 476 900 manat from the sale of Azerbaijani oil, dividends falling on the country in connection with the sale of oil and gas projects (the Baku-Tbilisi-Ceyhan project) - 155 813 800 manat, placement and management of fund assets â€“ 241 936 000 manat and other sources â€“ 900 000manat. The fund will transfer roughly 4 915 000 000 manat to the budget next year. The fund will grant 200 000 000 manat for the construction of the Oguz-Gabala Water Supply System to Baku, 110 000 000 manat for the reconstruction of the Samur-Absheron Irrigation System, 80 000 000 manat to improve the lives of refugees and IDPs, 80 000 000 manat for the construction of the Baku-Tbilisi-Kars Railway and 10 000 000 manat to finance youth education abroad under the 2007-2015 state program. The expenditures coincide with SOFAZ expenses in 2009. The administrative expenses of the fund will be comprised of 33 431 200 manat.