State Oil Fund increases expenditures

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) considered at AZN 5,041.5 million or 40.7% fewer revenues 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.