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Azerbaijan's Chamber of Accounts supports spending of oil incomes through state budget

13 November 2012 12:56 (UTC +04:00)

Chairman Chamber Heydar Asadov says at present, currency reserves of Azerbaijan are close to the size of two-year budget and they need to be optimized. Because, now, the main task is not to profit from the income, but save them: ‘Therefore recently, not the cumulative experience, but directing of reserves in infrastructure projects is being applied in the country. If there is a need for such projects, their financing is much better than the allocation of funds at low interest rates’.

Asadov noted that next year, the National Fund for Entrepreneurship Support is planned to allocate AZN 150 million to the state budget. As a result, in 2013, the total loan portfolio of the fund will amount to AZN 920 million. In addition, the mortgage funds from the budget will be allocated AZN 40 million, so the total amount of preferential mortgage loans will be increased to AZN 400 million.