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SOFAZ reduces 2015 expenditures up to AZN 500 mln

15 January 2015 08:44 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. State Oil Fund of Azerbaijan (SOFAZ) will reduce its 2015 expenditures.

APA-Economics reports that the SOFAZ will reduce its expenditures AZN 491 mln to AN 11.814 bln.

According to budget package for 2015, Fund’s incomes were amounted to AZN 10.246 bln, expenditures – to AZN 12.305 bln. Fund’a budget deficit was forecasted ay AZN 2.1 bln.

Reduction of expenditures caused decline of deficit to AZN 1.6 bln. 88% or AZN 10.388 bln f expenditures will be transferred to the budget. Moreover, AZN 33.3 mln will be spent to management of the Fund. Remaining AZN 1.393 bln is intended for Fund’s projects.

At the meeting of Supervisory Board, the information submitted by the Executive Director on Fund’s 2015 draft budget, including expenditures regarding management of the Fund has been reviewed. SOFAZ 2015 budget incomes have been confirmed at AZN 10,246,6161,900, expenditures at AZN 11,813,909,200 and expenditures for Fund’s management at AZN 33.318 mln.