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State Oil Fund increases expenditures
Finance
- 03 August, 2020
- 11:47
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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) considered at AZN 5,041.5 million or 40.7% less revenue than the approved forecast for the current year, Report informs, citing SOFAZ's revised draft budget for 2020.
The fund's expenses are 850 million manats or 7.4% more than oil price forecast for this year.
Thus, SOFAZ's spendings are expected to be AZN 12,410.0 million, revenues - AZN 7,342.6 million. The budget will have a deficit of AZN 5,067.4 million.
The rise in the fund's expenditures is due to the increase in transfers to the budget.
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